Gold Coast house prices: Latest figures for every suburb
House prices have shot up in several parts of the Gold Coast – with one suburb recording an astonishing year-on-year increase of more than 30 per cent. FIND OUT THE LATEST PRICES IN YOUR SUBURB
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HOUSE prices have shot up in several parts of the Gold Coast in the last 12 months – with the south of the city leading the charge.
New quarterly figures from the REIQ show prices are up an average of 3.2 per cent across the city, but have surged by as much as 30% in some suburbs.
The REIQ Market Monitor report shows double-digit growth occurred in 19 suburbs over 12 months, while seven suburbs had growth above 5 per cent in the past quarter.
For houses, Coolangatta led the charge with 31.5 per cent growth in median sales prices and 26 sales in 12 months.
Other top performers were Currumbin Valley (+20.8 per cent), Miami (+18 per cent) and Currumbin (+16.6 per cent).
For units, the top-performing suburb over 12 months was Paradise Point, with median values up 21 per cent with 85 sales.
Over the quarter, the top suburbs for house median sales price increases were Clear Island Waters (+11.3 per cent), Broadbeach Waters (+7.2 per cent) and Molendinar (+6 per cent).
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Ray White Sovereign Islands agent Edin Kara said he was receiving a lot more offers and inquiries, particularly from Sydney and Melbourne buyers who were more active in the market, and were pushing up prices for luxury property stock.
“But local buyers know they are competing with those cashed-up interstate buyers and are bringing their A-game,” he said.
“I expect that, with borders now open, we will see a surge in that prestige market over the Christmas and New Year holiday period.”
REIQ Gold Coast zone chair Andrew Henderson said the push to secure a lifestyle home had overtaken the need for proximity to work.
“Over the past six to eight weeks the market has changed significantly to where we’re seeing some really strong price growth and a lot more demand,” Mr Henderson said.
“It’s a pretty broad spectrum of buyers – locals, people moving down from Brisbane who don’t need to go to an office every day, and there’s a degree of interstate movement too.
“There’s plenty of depth to the buyer pool but there’s still a limited amount of stock and that’s creating competition.”
Mr Henderson said infrastructure investment and building activity was bolstering the local economy, with the property market well into the “recovering” phase.
“Detached housing is popular and has had the most price growth across the board,” he said.
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“Older established areas by the beach have become really popular and the quality of the building going on is great. Gentrification has been enormous.
“Even further west in suburbs such as Parkwood and Arundel – these are now 30-year-old suburbs but there’s plenty of renovation with money being spent.”
Yet Mr Henderson said sellers remained cautious, with some holding back due to fears they would not be able to find another home easily.
Total annual house listing numbers fell to 10,883 for the year ending September 2020 – a drop of 12.7 per cent on the previous year’s listings.
Median days on the market also fell to 39 – 12 days less than the same time last year.
Vendor discounting also fell from 3.6 per cent to 3 per cent, according to the report.
“The problem with getting more listings is that people haven’t been able to secure a home to move to, so they don’t want to sell what they’ve got,” he said.
“It’s a catch-22 because we need more stock to generate momentum and see owners sell.”
Units have also had a rise in value with many developers shifting their focus from tourists to owner-occupiers, with the time it is taking to sell also falling.
Harcourts Coastal director Dane Atherton said the region had seen a surge in local residents upgrading their homes at the same time as interstate migrators were on the move north.
He said the Gold Coast was seeing an “Aussie-led boom”, a trend he believed was more sustainable than the international buyers frenzy of the past.
“With borders now open, I think it really is just the beginning of a growth period for our region,” he said.
“In the beginning (of the COVID-19 lockdowns), southerners were buying sight unseen but there is a whole raft of buyers who held off so they could actually be here.
“Just last weekend, only days after the borders opened, I sold two properties at auction and 75 per cent of the registered bidders were from interstate.
“Some were onsite, others had representatives bidding for them, others were on the phone.
“Southeast Queensland has really been in the spotlight in recent months, with the AFL and NRL highlighting what a great lifestyle we have here.
“There are even companies that have based themselves on the Gold Coast. It is an exciting time.”
‘WE LOVED THAT CURRUMBIN STILL HAD THAT LOW RISE, LOCAL FEEL TO IT’
As the auction hammer came down on the cottage at 50 Teemangum Street, Currumbin, owner Amy Frawley was in tears.
While selling agent Troy Dowker of Kollosche had said the house would do well, Amy, 40, and her husband Shannon, 43, did not expect to achieve the $1.535 million it sold for, which was well above the $1.4 million they hoped it would achieve.
REIQ data shows that house prices in Currumbin have risen 16.5 per cent in the past 12 months, the fourth-highest rise of any area on the coast.
After a difficult year, with Shannon, a pilot, losing his job during COVID, and unable to see their family over the border at Lennox Head, the family decided to move. The couple have just bought a block of land in a new development at Skennars Head and intend to build anew home.
Amy said the extra money would be a huge boost for them and would go a long way to making the transition more financially comfortable.
Yet the family say they will miss their Currumbin home, which they thought would be their forever home when they bought it three years ago after moving up from Sydney.
“We loved that Currumbin still had that low rise, local feel to it, and we’re both keen surfers so we wanted to stay close to the beach,” Mrs Frawley said. “It took a while to find but we fell in love with it as soon as we walked through the front door. It just had so much character.
“What we’ve loved about living in Currumbin and the thing that makes us sad about leaving is it is such a little community. I think that’s why it is still so popular with buyers.”
Originally published as Gold Coast house prices: Latest figures for every suburb
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