Glamour beach suburb where home prices are in freefall
Despite upward home prices from coast to coast, there is still value to be found, as evidenced by this glamour beachside suburb where prices have slumped 23 per cent.
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Surfers Paradise has overtaken its coastal rival Mermaid Beach to become the most expensive place to own a beach house in Queensland.
The glitzy Gold Coast strip has a median house price of $2.9 million, compared to $2.6 million in Mermaid Beach, where prices lost a whopping 23 per cent in the past 12 months, according to new data from PropTrack.
According to PropTrack, the median house price in Mermaid Beach is now at around $2.55m, that’s down from around $3.25m, this time last year.
During and post-Covid Mermaid beach was a hot market but things there have slowed considerably since then.
The affluent Noosa shire haven of Sunshine Beach is not far behind at $2.3 million, followed by Bundall and Alexandra Headland.
The most expensive place to own a unit by the beach in the state is Sunshine Beach, with a median unit price of $1.53 million, closely followed by Noosa Heads at $1.2 million.
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Closer to Brisbane, Shorncliffe boasts the highest median house price at $1.45 million, having grown 7.6 per cent in the past year, followed by Ormiston and Sandgate.
The Gold Coast market is looking particularly strong in 2024, with research from Hotspotting identifying it as a rising market.
The overall median house in Surfers Paradise is now $2.4 million, having jumped by more than $321,000 in the past year, according to PropTrack’s latest home values — the biggest dollar increase in the state.
Kollosche’s recent market report highlighted Surfers Paradise as emerging as a renewed hotspot for owners and investors.
Although a popular holiday and tourist destination, Surfers Paradise had lost some of its lustre in recent years but was now experiencing a revival, with demand for property on the rise, according to the report.
Helping to boost its popularity is a host of boutique development projects planned, under construction, or coming to completion along Garfield Terrace, plus the opening of the Langham Hotel in the iconic Jewel building and the council’s proposed $40 million revitalisation of the suburb’s centre.
Dozens of properties are set to go under the hammer on the Gold Coast later this month to capitalise on renewed interest and holidaymakers.
The country’s largest single in-room auction, The Event by Ray White Surfers Paradise Group, will be held on January 28.
“The Gold Coast is the playground of Australia and we see the biggest influx of visitors here during the January holiday season,” Ray White Surfers Paradise Group CEO Andrew Bell said.
“The Event is designed to provide maximum exposure for the properties participating in the busiest month of the year.
“We also deliberately target the auctions for a national long weekend so the maximum number of people can come to the Gold Coast for The Event without work restrictions.”
Meanwhile, Amir Prestige Group will hold its Grand Summer Auction Event on January 24, with 26 properties signed up so far.
“It’s the holiday season when everyone is more relaxed, people make new year resolutions and finally have some time to look around and see where they want to go next,” Mr Mian said.
Among the properties going under the hammer is 87 Monaco St, Broadbeach Waters, otherwise known as the The Bachelor house.
The double-storey Beverly Hills-style home used as the backdrop in the reality TV show last sold in October 2021 for $14.5 million — the highest sale on record in Broadbeach Waters.
Originally published as Glamour beach suburb where home prices are in freefall
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