Hot, warm or cold: Your suburb’s property price predictor revealed
The Gold Coast’s property winners and losers have been identified, with the locations expected to see the biggest price gains or losses revealed. SEARCH YOUR SUBURB
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REMARKABLE new data has shown that property prices are expected to continue going up in the majority of Gold Coast suburbs.
Most suburbs are classed as “rising” in the quarterly Hotspotting Price Predictor Index (PPI) - indicating they are expected to steadily increase in value in the months to come.
No Gold Coast suburbs are said to be experiencing a reduction in prices in either houses or units, with a small number listed as having either “plateaued” or “tracking consistently”.
Suburbs to have seen dramatic increases include Currumbin in the south, where the average house price is now listed as $1,070,000, and Hope Island in the north, where the median price is $1,050,000.
Real estate agents and developers have reported massive demand in Hope Island, with Aniko Group last week revealing it was pushing ahead with the second stage of its No. 1 Grant Ave project after luring $67 million in sales in just four months.
Other suburbs seeing major prices increases include Palm Beach, Paradise Point, Mermaid Beach and Helensvale.
The PPI is generally considered a precursor to price growth with the Gold Coast recording the highest figures in the six years the quarterly surveys have been conducted.
Overall, including both unit and houses, the Gold Coast had 54 rising predictions, 20 that had plateaued, and 10 showing a consistent pattern. None were red-flagged as being in danger of dropping in value.
That was a better performance than Greater Brisbane which had 169 rising predictions, 73 that had plateaued, 35 showing a consistent pattern and six in danger or red-flagged.
In percentage terms, that meant 65 per cent of all locations canvassed in the Gold Coast recorded a rising market, compared to 57 per cent in Brisbane.
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Ray White Surfers Paradise boss Andrew Bell last week said the Gold Coast was experiencing an unprecedented boom, which was the biggest he had seem in his 40-year career.
“This is the biggest boom of my 40-plus year career and it is the most unique of all, because it is not being driven by normal factors – it’s all related to COVID-19,” he said.
“Closed international borders, the lowest-ever interest rates, a massive amount of government liquidity injected into the economy and the situation which has caused people to re-evaluate what they are doing with their lives.
“This market is being driven by unique factors which we will likely never see again and anyone who is trying to forecast what will happen is guessing. There is no precedent.”
Originally published as Hot, warm or cold: Your suburb’s property price predictor revealed
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