Lack of vacant land along Gold Coast water and beachfronts

THE dream of snagging land to build a home by the sea is close to being snuffed out, with a handful of vacant blocks listed for sale in suburbs along the famed surf beach strip from Surfers Paradise to Coolangatta.

Homebuyers are paying a premium for a slice of the wet stuff as supply of vacant land in sought-after north shore suburbs also dwindles. Final land releases in canal developments in Hope Island and the Sovereign Islands have price tags nudging $10m.

Only seven of a total 326 listings for Gold Coast land for sale on realestate.com.au were for vacant blocks in suburbs with a surf beach; while a further 77 were for waterfront lots facing rivers or canals in other suburbs.

Real Estate Institute of Queensland Gold Coast chair Andrew Henderson said scarcity was driving prices up and pushing new residential development further north to the green corridor between the Gold Coast and Brisbane earmarked to accommodate much of the city’s forecast population growth.

“There is only so much coastline available, and for people wanting to live on the water it gives a very limited supply of what’s available, and that is going to drive prices up,” Mr Henderson said.

“A vacant block gives you a clean slate to start with, whereas if you buy an existing house you have the demolition costs and you may be paying a premium for the structure that’s on that block, even though you don’t intend to use it.”

Master Builders Queensland Gold Coast regional manager Adam Profke said buyers were trending towards more extensive renovations rather than bearing the cost of demolition.

“There is a general land supply shortage issue across the Gold Coast.That has actually led to an increase in owners choosing to buy an existing property in the location of their choice to knock down and rebuild,” Mr Profke said.

“It’s not necessarily a problem, however it is a cost issue, so while we are seeing high growth in new-builds in the northern corridor of the Gold Coast, all the other suburbs have experienced a massive growth in renovation.”

In blue-chip Burleigh Heads, an elevated 544 sqm green parcel at 19 Vantage Point Drive, with ocean and city skyline views, was one of only two blocks of land for sale.

Owner Mervyn Pywell paid $15,000 for the block in 1979, when much of now-bustling Burleigh Heads was still grazing land.

“It was a very quiet, deserted area that no one seemed interested in and there were only one or two houses on Vantage Point Drive when I bought the land,” Mr Pywell said.

“I bought it as an investment with the intention of building on it at some stage, but time slipped by and then the GFC hit, which set me back a bit and I didn’t go ahead with it.”

With views east to Tallebudgera Creek and glimpses of Surfers Paradise to the north, the block will be auctioned on January 30 and is marketed by Mark Stafford of Ray White Broadbeach.

“Typically, property in this area is very tightly held and this is one of the last remaining blocks of raw land in Burleigh Heads,” Mr Stafford said.

“Inquiries are coming through pretty strong as you’d expect, from buyers who recognise this rare opportunity to build something quite special.”

At popular Broadbeach, a 607 sqm parcel at 6 Jubilee Avenue with an asking price of $3.58m was the only vacant block listed for sale.

The centrally located lot was sold in 1997 for $380,000 and is zoned for multi-storey development.

For those craving shoreline, the boatie’s haven of Hope Island still offers some opportunity, though waterfront lots are almost gone.

David Vertullo of Professionals Paradise Point said sales in the north shore canal developments had surged, with the agency clocking 15 sales of waterfront blocks in Hope Island and the Sovereign Islands in December.

“It’s coming to an end,” Mr Vertullo said.

“The last parcel that you’re left with is in Sanctuary Cove, and that is beginning to sell out too.”

Serenity 4212 – Hope Island’s last development straddling the border with Helensvale – had also staged its final release of north-facing waterfront land, though lots were not individually listed for sale.

In the exclusive enclave of Sovereign Islands – home to some of Australia’s most opulent waterfront mansions – a listing for 17-21 Knightsbridge Parade West is for sale for $9m.

The amalgamated 2108 sqm holding is one of the last remaining triple blocks and has more than 60m Broadwater frontage.

Marketing agent Edin Kara of Ray White Sovereign Islands said the sale included plans for a mega mansion, drawn up for the vendor by celebrated architect Paul Clout.

Close by, a single block at 5 Knightsbridge Parade West, in a less protected spot, is on the market for $2.95m.

The figures are for individual listings and do not include listings for multiple blocks for sale at medium density residential developments, including Serenity 4212 at Helensvale, and Calypso Bay at Jacobs Well.

VACANT LOTS FOR SALE IN BEACHSIDE SUBURBS

(surf coast)

Broadbeach 1

Burleigh Heads 2

Rainbow Bay 2

Surfers Paradise 2

WATERFRONT VACANT LOTS FOR SALE
(canal or river frontage)

Benowa Waters 2

Biggera Waters 3

Carrara 1

Coombabah 2

Coomera 1

Coomera Waters 2

Helensvale 5

Hollywell 1

Hope Island 19

Mermaid Waters 1

Paradise Point 6

Paradise Waters 4

Runaway Bay 4

Sanctuary Cove 9

Sovereign Islands 17

Source: realestate.com.au