Aleisha Dawson, Gold Coast Bulletin
THE number of million-dollar suburbs on the Gold Coast has jumped from one to six in three years and it is about to hit double figures.
CoreLogic data shows the median price of houses in Mermaid Beach, Main Beach, Broadbeach Waters, Clear Island Waters and Paradise Point have joined Surfers Paradise in the elite threshold.
REIQ Gold Coast zone chairman John Newlands said he predicted more Gold Coast suburbs to hit the million-dollar mark as the city grew.
Mermaid Beach was a million-dollar suburb before the global financial crisis but dropped below that mark in 2014.
While Main Beach was the Coast’s most expensive suburb with a median of $1.605 million, the suburb only recorded 14 house sales.
They are expected to be joined shortly by Runaway Bay, Bundall, Currumbin Valley and Willow Vale, whose medians are in the $900,000s.
“Buyers looking in some of the more traditionally expensive areas may have been priced out,” – John Newlands. Photo: Steve Holland
REIQ Gold Coast zone chairman John Newlands said he predicted more suburbs to hit the million-dollar mark as the city grew.
“The population on the Gold Coast is predicted to nearly double over the next 20 years so I think we will see a lot more suburbs pop up into that price range,” Mr Newlands said.
“It comes down to supply and demand.”
REIQ Gold Coast zone chairman John Newlands predicted the next million-dollar suburb to appear within two years.
He predicted the next million-dollar suburb to appear within two years.
“Buyers looking in some of the more traditionally expensive areas may have been priced out,” he said.
“This then flows out to other suburbs and pushes prices up.”
Retirees John and Pam Roy bought their Runaway Bay townhouse in 2005 and have watched the area transform.
John Roy looks out from his Runaway Bay home. Picture Glenn Hampson
Savills — Gold Coast agent Georgia Elson is marketing the property at 37/3 Marina Cres which is for sale at $995,000.
She said local, Brisbane, and interstate buyers were pushing prices, particularly in Runaway Bay and Paradise Point.
“The interstate buyers really see a lot of value here compared to Sydney and Melbourne,” Ms Elson said.
“I just had an interstate purchaser say they couldn’t believe the price for the type of views and size they were getting.”
She said property prices would only increase further as the 2018 Commonwealth Games approached.
“I believe the properties in Runaway Bay are undervalued for what they are,” she said.
The Gold Coast’s million-dollar median suburbs
Main Beach, $1.605 million
Mermaid Beach $1.3975 million
Surfers Paradise, $1.3 million
Broadbeach Waters $1.105 million
Clear Island Waters $1.02 million
Paradise Point $1.035 million
The Gold Coast’s next million-dollar median suburbs
Runaway Bay, $960,000
Bundall, $951,000
Currumbin Valley, $920,000
Willow Vale, $910,500
Benowa, $876,000
Mermaid Waters, $870,000
Currumbin, $840,000
Tallebudgera Valley, $825,000
Tallai, $825,000
This article was originally published by CoreLogic
