Affordable Coomera evolving into Boomera
Hotspotting.com.au Perhaps because it lies between Brisbane and the Gold Coast proper, the fast-growing suburb of Coomera escapes the spotlight of mainstream real estate media. So let’s shine a little light on what will be more than a suburb – in fact a major development area with a projected future population of 80,000. First we should attribute the pithy “Boomera” reference to homebuilder Devine Ltd, which has its fair share of the forecast $2.4 billion in development planned or under way in this northern Gold Coast area. Devine is fast-tracking the release of other stages in its Nautical Edge residential community, after selling out of the 134-dwelling EdgeWater Estate and the 100-lot Coomera Sanctuary. Coomera is situated in the northern Gold Coast region, 40 minutes from the Brisbane CBD, 15 minutes from Southport and not far from the M1 motorway. The location makes Coomera an ideal commuter suburb for workers whose jobs are in Brisbane, the Gold Coast or somewhere in between. Coomera is best known to people outside Queensland as the home of Macquarie Leisure’s theme park Dreamworld but its riverlands setting is making it an attractive, affordable destination for homebuyers. According to Gold Coast City Council, the population of Coomera is projected to grow 277% in 15 years - from 22,700 in 2006 to 85,500 in 2021. The “statistical local area” population grew 46% between 2004 and 2006, so the trend is already apparent. They’re a young crowd in Coomera: almost a third is aged under 15 and the average age is 30. In its Queensland Affordable Housing Strategy, the State Government has nominated Coomera as one of its development priorities. An indicator of this is the Government’s recent purchase of a 2.21ha undeveloped parcel of land south of the Dreamworld overpass. Premier Anna Bligh says the land will meet the future needs of Coomera Town Centre and also government agencies and energy provider Energex. The government also committed funds for the Coomera Interchange east of the Pacific Motorway to cater for growth on both sides of the motorway. You know something big is happening when Westfield and QIC team up and grab a 35ha site - for development of the 54,000m2 Coomera Town Centre. Little wonder this area is attracting the bigger developers like Devine, Stockland and Austcorp. More than $1billion is tied up in just two of the master-planned residential projects – Austcorp’s Coomera Waters and Coomera Woods, which is planned for an 11ha parcel behind Dreamworld by Coomera Resort Pty Ltd, a subsidiary of Japanese company Hokojitsugyo, which has owned the land since 1988. And new players keep emerging. In August, Young Lang Corporation revealed it had amalgamated 23 properties into a 100ha site at Coomera for a village-style residential community. This one is subject to development approval, but its location, diagonally opposite the proposed town centre, has given the developers the confidence to say they expect sales to start in mid-2008. PRDnationwide’s Coomera profile shows the median house price rose an average 15% a year from $157,500 in 2001 to $323,500 in 2006. Unit prices increased 9.3% per year from $149,950 in 2001 to $234,250 in 2006. Devine has been advertising its Nautical Edge precinct “from $329,000”. Coomera is also an attractive place for investors. While weekly rents are lower than those within the Gold Coast local government area, at $310 per week for a three bedroom house (Gold Coast $340) and $235 for a two bedroom unit (Gold Coast $290) they represent a 5.0% return (compared to the Gold Coast median return of 4.2%). “Boomera” may currently be affordable – but for how long?
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