What’s the question everyone building a home asks time and time again? The answer: How much is it going to cost. If you’re looking to build a house on the Gold Coast, this is the article for you. Today, we’re going to give you a general idea of the costs of building and living on the Gold Coast.
It’s important to keep in mind that all figures in this article are best used as a rough guide. Building costs can vary significantly based on the house design, location, and land size among many other elements.
Average price of building a home on the gold coast
How much does it cost to build a new home on the Gold Coast? Before providing figures, we’d like to make clear that every house is unique and it’s impossible to guess the price for a hypothetical house. The use of average costs is to give you a general idea of which areas are more expensive than others.
On the Gold Coast, prices typically start around the $500,000 mark and go well beyond the 2 million mark depending on where you are buying. When the top prices are four times more than the lowest prices, as they are here, that just shows how much the cost of building can vary.
Most Expensive Suburbs
Like a lot of areas, the property market in the Gold Coast region has been booming in the last few years. Various areas have had price rises of 20-30% in the last year which is promising news for those with an investment property.
Main Beach
Main Beach has long been a million-dollar suburb but it has recently broken the 2 million dollar mark with the median price of $2,100,000.
Mermaid Waters
Joining the Million Dollar Suburb club in 2021, Mermaid Waters is an area on the rise when it comes to market value and demand.
Honourable Mentions (Million Dollar Suburbs)
- Broadbeach Waters
- Bundall
- Paradise Point
- Clear Island Waters
- Guanaba
- Currumbin Valley
- Runaway Bay
- Tallebudgera
- Mermaid Waters
- Burleigh Heads
- Palm Beach
- Currumbin
- Burleigh Waters
- Miami
- Benowa
- Coolangatta
Most Affordable Suburbs
A million dollars a little out of your price range? Don’t worry, we know how you feel. Luckily, there are some more affordable suburbs in the Gold Coast region that might suit your budget. We’ll be honest, they won’t be beachside properties, but the Gold Coast has a lot of other appealing areas to explore.
Springbrook
At the time of writing, Springbrook has the cheapest median price of any Gold Coast suburb. Located in the beautiful Gold Coast Hinterland, for those who don’t mind being away from the city, it could be a great buy. It’s known for its beautiful scenery and is popular with hikers and nature lovers.
Pimpama
One of the newest and fastest-growing suburbs on the Gold Coast, there’s never been a better time to consider buying property in Pimpama. Located almost midway between Brisbane and the Gold Coast, it’s an appealing option for anyone who needs to go to both cities.
Honourable Mentions:
Ormeau & Ormeau Hills
Upper Coomera
Coomera
Nerang
Coombabah
Labrador
Oxenford
Pacific Pines
Factors influencing building costs
Location
The price to build a house varies widely depending on where you choose to build it. The same house design can alter dramatically in price simply based on the location. That having been said, some places are more expensive for a reason. They’re either close to desirable areas like the beach, they’ve got a good reputation for safety, education and facilities. Perhaps all of the above.
Land Size
This really goes hand in hand with the location you’re considering buy-in. It can a real chicken and egg situation where you have decided which comes first. This will depend on what’s important to you. Are you looking for a certain size of land somewhere on the Gold Coast, or is your goal to live in a specific suburb? Knowing these details, or being aware that you’re not sure, helps define your search and means you won’t waste time looking in the wrong places.
House design
There is a range of different house designs out there, and what you choose will influence construction costs. The size of your home, number of storeys, and features, all make a difference to your final cost. A basic home will focus on cost efficiency while luxury homes will cost a significant amount more.
There are also planning fees, site costs and cost increases to keep in mind when building your dream home. Additional expenses will come with anything not included as standard including landscaping, driveways, swimming pools and other additions.
Timeframe
How long your house takes to build depends on all the factors above, along with other elements including the availability of contractors and supplies. On average a single storey home will take between 4-8 weeks, whereas a double-storey will take closer between 6-12months.
Builders will often have a timeframe advertised on their website and in advertising material, especially volume builders. Most of these guaranteed build times won’t apply to custom homes or split level home designs.
How COVID is impacting build supply chains on the Gold Coast
The pandemic has had an unprecedented effect on all businesses and the construction industry is no exception. There have been a lot of global supply chain issues which has caused delays throughout the building industry, and you should be aware this could be an issue with your builder. Have an open and honest discussion with your builder about this to find out how the pandemic has affected their build times.
Some common questions around costing terminology
Cost per square meter?
If you’ve been researching building costs, chances are you’ve come across the term ‘cost per square metre’. Its prevalence can lead potential home builders to put too much stock in this figure, but the thing is, it isn’t a particularly accurate way to tell how much a house costs. It also doesn’t take into account hidden costs, such as tests for soil quality.
How do builders determine the cost per square metre exactly? Well, they simply take the total cost of the build and divide it by the total floor space of the home, excluding the land. On the surface this makes sense, but the truth is determining a price through this method is not just an oversimplification, it’s a misleading way to convey how much a house will cost to build.
The major flaw with the above equation is that it makes the false assumption that all rooms cost the same to build, which is simply not true. Rooms like your bathroom or kitchen, are going to be more expensive per square metre than larger rooms that are designed to mostly accommodate furniture. Anything with lots of plumbing, appliances or built-in features adds to the price. What if you have multiple bathrooms and a large kitchen? What if you have five bedrooms? None of this comes across in the cost per square meter.
On top of all this, there are numerous other factors such as site works, materials, the location you’re building on, quality of the inclusions.
The message we’re trying to get across is don’t treat the cost per square metre as best to consider the cost per square metre as a very general term rather than a detailed description of what you’re paying for.
What is a provisional sum?
A provisional sum is an estimated cost (often created by a cost consultant) created for the purpose of tender and contracts. It’s important to know this isn’t your final quote. The purpose of provisional sums is to provide an idea of what your project is likely to cost. Expect the final price to be more than the provisional sum.
What is a prime cost?
A prime cost is the total direct costs of production, including raw materials and labour and building costs. Indirect costs, such as utilities, manager salaries, and delivery costs, are not included in prime costs.
What is a fixed price building contract?
A fixed-price contract is a fixed lump sum that can’t be changed. The payment amount does not depend on the resources used or the time expended. The benefit of a fixed-price contract is that will have an exact price before building commences. This won’t cover expenditures caused by you changing your mind on anything, but it helps protect home buyers from nasty cost blowouts down the line.
There are a few possible disadvantages to a fixed-price contract including:
- Lack of flexibility
- Writing specifications is hard and is time-consuming.
- Potentially less involvement in the building process.
The disadvantage of not having a fixed-price contract is that the builder can change the price later on during the construction process. As you might suspect, this price change is unlikely to be in your favour.
Display Villages on the Gold Coast
Looking at a display home can help with inspiration for your own house while also providing an idea of a builder’s work.
Steps you need to take in building your home on the Gold Coast
Site Preparation
Demolition – Doing a knockdown rebuild? Now’s the time to knock down that old building to make way for your new home.
Tests/Paperwork – Before you can build, you’ll need to have a feature survey and soil test
Foundation/ Base Stage
The initial works for plumbing and underground power are done during this stage. Your concrete slab will also be poured during this time.
Frame Stage
This is where your house begins to take shape. Carpenters will erect the frames of your home and the basic shape of your house will begin to appear.
Lock-up Stage
At this point, your house will actually be able to be locked up. Doors and windows will be installed.
Fixing Stage
This is where plumbing, electricals such as lights and powerpoints, and other fixtures, fittings and features will be installed.
Design features of your home will be added such as tiling, cabinets, cornices, shelving, reveals, architraves.
Completion Stage
This is the last phase of readying your home for you to move into. This is the stage for painting, installations and detailing. A pre-handover inspection will happen now. This gives you the opportunity to formally identify any faults or issues with the property. These will go on record and the builder usually has a two to three week grace period to remedy any flaws with their work.
Settlement
The big day’s finally here. The handover takes place and you can move into your new place.
Need help finding a Home Builder?
At Buildi, we help you find the right builder, save time, reduce stress and stay on budget.
How We Can Help You
Building a home is one of the biggest decisions you’ll ever make. At Buildi, we’ll be there throughout the entire building process, guiding you step by step so you can avoid any pitfalls. We will help you by following these steps.
- Free Consultation – We will sit with you to understand what you are looking to accomplish.
- Due Diligence – We work with you to ensure you’re buying the right block of land at the right price without hidden problems.
- Builders tender – We will take your requirements out to the market of builders and they will bid to win your business.
- Present solutions – We will compile the top 3 options and present you with a comprehensive proposal on builders’ strengths & weaknesses along with prices and specifications.
- Contract Signing – We will work with you and your selected builder to ensure there is full transparency in what you are entering into.
- Building your home – We work closely with the builder to ensure all service levels are met and your project is on schedule.
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