Prices triple in new $4m suburb you’ve probably never heard of
A new suburb has broken into the Queensland record book, becoming one of just two to pass the $4m median house price mark after prices there tripled in just 12 months.
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A new suburb has broken into the Queensland record book, becoming one of just two to pass the $4m median house price mark after prices there tripled in just 12 months.
Unless you’ve lived on or regularly pass through the Gold Coast, the small beachfront stretch running the length of its airport may be relatively unknown, but it is now among the most expensive real estate in Queensland.
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The median house price at Bilinga has just hit $4.06m in the latest PropTrack June Market Trends report after the suburb set a blistering pace of growth in the past year. Prices surged a whopping 191.6 per cent, almost tripling in one year off major demand for beachfront developments.
A year ago the median house price in Bilinga was $1,392,500, according to PropTrack figures, with it now joining perennial Brisbane blue chip Teneriffe as the most expensive place to buy a house in Queensland. Teneriffe’s median house price is $4.1m after a 14.5 per cent rise in the past year.
Real estate agent David Stringer of DJ Stringer Property Services has seen prices surge off limited availability of land in Bilinga clashing with high demand for development sites.
“Most of those properties through there – whether you’re on Golden Four Drive, in the side streets or you’re on the beachfront which is Pacific Parade – they’re all technically development sites,” he said.
“On Pacific Parade, you can go to seven or eight levels, I believe on Golden Four Drive whilst it’s only five levels now, there’s some DA going through there at 11 levels. The value of the land has just skyrocketed through there because really every one of those properties in Bilinga is a development site.”
“You can see cranes all over the place down there. There are not a lot of vacant blocks. There are a few properties being amalgamated together, multi-level high rise units and things like that. We’re a little bit capped in heights compared to Surfers Paradise or Coolangatta or Rainbow Bay – through Bilinga it’s only really five to 10 stories so it is a little bit more reserved in that regard.”
Mr Stringer has one of the few houses with a price tag on it listed for sale on realestate.com.au, with the owners of 3/87 Golden Four Drive seeking interest over $1.295m.
“That’s only fresh to the market, we are getting some significant interest on that one. There are four units there and the land value on that’s going to be probably close to $5m.”
He said there were many small walk-ups that people were paying a lot of money for to get a stake in the market there. “Prices are only going to increase, there’s no two ways about it.”
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Bilinga sits right on the Queensland-New South Wales border and encompasses both Bilinga Beach and North Kirra Beach, with just 10 houses listed for sale right now – two of which are already under offer.
Both Bilinga and Teneriffe are among Queensland suburbs with the lowest number of houses sold in the past year at 10 and 13 respectively.
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Originally published as Prices triple in new $4m suburb you’ve probably never heard of
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