Gold Coast house prices: Suburbs with biggest rise

New figures show just how quickly house prices have soared on the Gold Coast, with property in one suburb now costing seven times what it did in the mid-90s. HOW HAS YOUR SUBURB FARED?

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IF you bought a house in Hope Island 25 years ago, you are laughing today.

The latest figures show homes in the ritzy northern Gold Coast suburb now cost seven times what they did in 1996, with the median price having soared from $145,000 to $1,040,000.

In percentage terms, the rise in that time is 617%.

Other suburbs have also seen dramatic increases, with house prices now six times what they were in 1996 in Coolangatta, Palm Beach and Miami.

(Source: REIQ).

The suburbs outpaced average house price rises across Australia. A News Corp Australia analysis of Real Estate Institute of Australia data found that in the last 30 years, median house prices in capital cities climbed an average 453 per cent.

Real Estate Institute of Australia president Adrian Kelly said real estate should always be seen as a long-term investment.

“The Australian property market has always seen a level of resilience not always seen by other investment classes such as shares,” he said.

“The family home not only provides somewhere for a family to live but is also a secure form of investment.”

New research from CUA has found the family focus remains strong, with more than half of parents recommending buying a home before having children.

CUA head of product Barbara O’Conor Nash said record low interest rates and incentives such as the First Home Loan Deposit Scheme had helped many families and first home buyers enter the market.

“Home ownership has always been the Australian dream,” she said.