Pimpama was recently named by the Housing Industry Association as the nation’s top property hotspot based on its performance last year. The area grew by more than the 1.4 percent the national average during 2015/16 and had at least $150 million worth of residential building approved, the HIA reports.
Located on the Gold Coast within 45 minutes of the Brisbane CBD and 30 minutes of Surfers Paradise, connected by the Pacific Motorway, the area was the last of the rural towns between the two cities.
Development in the area started in 2009 and, although there are misleading reports of over supply, land is tightly held, with much of it earmarked for permanent nature reserves, new schools and shopping centres.
Long term outlook for Pimpama
In previous articles we explained that in the property market, long term, sustainable capital growth is underpinned by five pillars:
- government and private sector infrastructure investment
- population growth
- diverse industries offering employment opportunities
- access to education and health facilities
Viewed through this lens, the area looks very attractive indeed.
In addition to facilities already completed, in coming years Pimpama will benefit via a flow-on effects from the billion dollar Coomera Town Centre under construction, as well as from significant extensions to road and rail access. The City of Gold Coast has major plans for the development of a district centre in Pimpama itself, to include shopping centres, community centres and leisure facilities.
Pimpama is the fastest growing area in Queensland, experiencing up to 20% growth over the past few years. In 2013 Pimpama was home to around 3500 people, growing by 1000 in the following year. The population is now well over 7000 and is projected to reach 27,000 within twenty years.
The Pacific Motorway makes the commute to any of the major employment hubs along the thriving growth corridor between Brisbane and Gold Coast a trade-off that many are prepared to make for the significant lifestyle benefits gained by living in Pimpama.
The area offers natural reserves and wildlife, access to local and coastal recreational facilities and the benefits of living in newly built, master planned, communities. Some estates boast up to 65% of available land reserved for community open space, with homes no further than 300 metres from a playground or park.
Pimpama also offers plenty of good choices in schooling and childcare making it an attractive place for families and young couples planning a family.
The rental market in the region
In the lead up to the 2018 Commonwealth Games the vacancy rates for rental properties across the entire Gold Coast are at record lows. In 2016 Pimpama was reported to have a vacancy rate of 3.3% considered to be an indicator of a strong market.
As the development of the area progresses, we’re likely to see it mature as investors and renters move out in favour of owner-occupiers, increasing the value of property. We are already seeing a shift toward the majority of new home sales toward home owners looking for a principle place of residence. We’ll see that trend continuing as people look for affordable homes close to schools, jobs and cities in areas which offer a diversified lifestyle.
In 2017, the house and land cycle in Pimpama is just ramping up but is well into its life cycle – with available land being taken up quickly.
In the coming years, the majority of the predicted new population will move into medium and higher density dwellings within the Coomera Town Centre precinct as well as medium density housing across Pimpama, Coomera and Upper Coomera, and future house and land on the western side of the Pacific Motorway.
This means that for the rental investment buyer looking for house and land, the time to get in is now.
Compare apples with apples
With so many investment house and packages on the market as development ramps up at Pimpama, it’s important to look carefully at what each of these offer.
We get many requests for packages that are priced to match the standard investment offerings available. Our properties are full turnkey packages, which means they’re ready for a tenant to move straight in without our clients having to do anything extra.
Many properties for sale don’t include landscaping, fencing or internal fittings such as blinds, which can be time consuming and expensive problems for an investor. When researching the area, it’s worth doing a thorough comparison of inclusions and to be sure of the level of tenant-readiness the property will be in when handed over at settlement.
And if you’re interested in an investment package in the area, contact us to learn about current and upcoming releases. Of course, all our investment packages come with up to nine years of secured tenancy, with management, routine repairs and maintenance included – and no leasing fees.