REVEALED: Coast suburbs where house prices are rising fastest

Latest data shows house prices are growing fastest in these ten Gold Coast suburbs – and they’re not where you’d expect. FIND OUT WHAT YOUR HOUSE IS WORTH >>>

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NEW data has revealed that prices are rising fastest in some of the Gold Coast’s least heralded suburbs.

Figures from CoreLogic show that Arundel, Coombabah and Gilston recorded growth of 10% in the last three months, significantly outpacing well-heeled suburbs like Burleigh Heads, Hope Island and Palm Beach.

The top growth suburb for the quarter was Currumbin Valley, where the median house price climbed 11.9% to reach almost $1.5 million.

Nine suburbs in total reached double-digit price growth in the three months to the end of June, with Coombabah rounding out the list of the ten top performers with a rise of 9.9%.

Other suburbs to perform well included Merrimac (9.5%), Reedy Creek (9.4%) and Labrador (8.8%)

Despite the massive rise in prices, new National Australia Bank research suggests there’s still momentum in the housing market.

The bank has upgraded its forecast for property price growth for this calendar year, now tipping 18.5 per cent nationally, but revised its prediction for 2022 to four per cent, with prices for houses expected to continue lifting at a faster rate than units.

“Low (interest) rates and strong income support have seen strong price growth in 2021, but this impact will begin to fade,” NAB Group Economics said in the report on Tuesday.

Kangaroos at the popular Coombabah Lakelands Conservation Area. Picture: Jerad Williams.

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Housing affordability is starting to weigh heavily, particularly on first home buyers, with government incentives only “moderately” significant in helping them get into the market earlier, NAB says, suggesting many would-be first time property owners have been priced out.

“Rising house prices have had a bigger (negative) impact (than the positive impact of incentives), particularly in NSW,” the bank said.

“Affordability constraints will likely begin to bind over the year and see a slowing in price growth as the impact of lower rates fades.”

The report also showed first home buyers remained the most active buyers of new homes, with their total share of sales having doubled since NAB started tracking the data in late 2014.

But a lack of development sites was a big impediment in the June quarter.

“The impact of construction costs climbed sharply and it has now emerged as the next biggest constraint,” the report read.

The ongoing surge in property prices on the Gold Coast has been credited in part to a surge in interstate migration, with Division One councillor Mark Hammel warning last month that authorities were “too far behind” in providing infrastructure for the city’s growing population.

Planning experts are also warning that a lack of land was putting pressure on supply, in turn helping to further inflate house prices.

Urbis Gold Coast director Matthew Schneider said the city’s supply of new greenfield sites which could be developed would run out by 2026.

“We think there is around five years realistically of new house and land opportunities across our greenfield supply,” he said.

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