Quarterly price growth: how much is your house worth?
New figures show house prices in almost every Gold Coast suburb have taken another giant leap forward. FIND OUT THE PRICES IN YOUR SUBURB >>>
BUYERS on the hunt for tree-change properties where they can ride out Covid-19 lockdowns in comfort are pushing up prices in the Gold Coast’s leafier suburbs.
Currumbin Valley had the highest house price growth over the quarter to the end of June, registering an 11.9 per cent rise, according to data from CoreLogic. The suburb also recorded the highest annual growth in prices, rising a lucrative 32.4 per cent.
Equally leafy Tallebudgera Valley came in a close second, with 11.3 per cent quarterly growth, while Tallebudgera at 11.1 per cent, Gilston at 10.8 per cent, Mount Nathan at 10.3 per cent, and the national reserve-surrounded Coombabah at 9.9 per cent also made it into the top ten.
CoreLogic Head of Research Eliza Owen said increased levels of interstate migration to South East Queensland and more time spent at home through lockdown periods may have prompted buying decisions across lower-density housing markets, where houses and larger blocks of land are more readily available.
“This could account for some of the outperformance across Currumbin Valley houses and Tallebudgera Valley, for example, where the median land size for houses across each suburb is far higher than the average across other Gold Coast suburbs,” Ms Owen said.
Southern beachfront suburbs with larger house blocks and lower-density living also performed well.
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Miami came in at third place with 11.1 per cent growth, and Mermaid Beach sat in sixth position with 10.7 per cent growth. Mermaid Beach units also registered highly with 9.5 per cent growth over the quarter, coming in second only to Highland Park at 11.1 per cent.
Real Estate Institute of Queensland regional chair Andrew Henderson said being able to be on acreage but still close to the Coast was a big draw of the city’s leafier suburbs.
“Places like Currumbin Valley still have that rural feel but are less than 10 minutes from the beach. I can’t think of many places like that,” Mr Henderson said.
“In the beachside suburbs of Mermaid and Miami, there have been more owner-occupiers moving in, who are building new homes or undertaking nice renovations, which is helping to lift the prices in those suburbs.”
Of the 62 suburbs captured in CoreLogic’s statistics, only four registered annual house price growth at less than the national average of 15.9 per cent in June.
Property investment expert Terry Ryder said the Gold Coast was attracting a lot of real estate demand from people seeking to escape Sydney and Melbourne in search of a different lifestyle in a Covid-safe environment.
Ed Cherry of Harcourts Coastal, who specialises in property on the southern Coast, said he had certainly seen a rise in demand for areas such as the Currumbin and Tallebudgera valleys from interstate buyers.
“They are coming up to Byron and finding they are being priced out of northern NSW areas, so they looking at places where they can get that same experience on the Gold Coast,” Mr Cherry said.
Beachside, he said vanity suburbs such as Mermaid Beach would always do well for its reputation and desirability
In Herron Todd White’s latest Month in Review report director Janine Rockliff stated that the Gold Coast market showed little sign of a slowdown.
She said real estate agents continued to report of low stock levels and difficulty in finding new listings.
“We have noticed that even old stock properties, those that have been difficult to sell and
have been on the market for prolonged periods, have or are now being cleared,” she said.
However, this continued over-achievement has led some market analysts to predict that a downturn is on its way.
Ms Owen said that as of June, the average annual growth rate for the greater Gold Coast region was 20 per cent, which was not sustainable.
“I expect more buyers will come up against affordability constraints, and with mounting speculation that a change in lending conditions is on the horizon, lower levels of credit will likely see a slow down in growth rates, and could even trigger a downswing,” she said.
“WE MOVED TO MERMAID FOR A LIFESTYLE CHANGE”
A change of lifestyle was what led Mark and Marcelle Small to leave Sydney behind a decade ago and relocate their family to the Gold Coast.
After renting near the river for two years, the Smalls, who have three children, couldn’t bare to be too far from the ocean and so in 2013 bought a home in the beachside suburb of Mermaid Beach for $1.665 million.
“We like Mermaid because it still has that villagey feel to it. We love how friendly the patch is between the highway and the beach. If you’re outside, there is always someone stopping to have a chat or say hello.
“And some of the Coast’s best cafes and restaurants have sprouted up here since we’ve been here, so we’re very lucky.”
The Smalls, who live in a Hamptons-style home, were in 2105 able to acquire a knockdown property on an adjoining block for $1.25 million, so they could have a larger back yard.
They also built a second Hamptons home on the block.
Eight years on and with two of their three children having left home, and their youngest child, Elleisha, spending more time at ballet school in Burleigh, the Smalls said it was time to sell.
“We’ve loved it here,” Mrs Small said, “but we need to downsize. The house is far too big for the three of us now. Ideally, thought, we would like to stay in the same area.”
The house at 16-18 Francis Stret is being auctioned through Eoghan Murphy and Michael Kollosche of Kollosche on Sunday July 25 at 3pm.
Originally published as Quarterly price growth: how much is your house worth?
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