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Good news for anyone who owns a home in Hope Island… The popular suburb on the northern Gold Coast has increased its annual median house price by almost 50 per cent.
According to fresh data released by the Real Estate Institute of Queensland, Hope Island experienced a quarter on quarter median price growth of 43.4 per cent
It was a surprise outcome, with Queensland’s housing market performance experiencing an overall reduction of 0.7 per cent during the September Quarter.
The booming suburb of Ormeau experienced the second highest growth rate for the city, increasing by 14 per cent, which is a significant jump considering its five year growth was 14.7 per cent.
REIQ Gold Coast Zone Chair Andrew Henderson said the northern corridor is becoming one of the most sought after areas in the city.
“The northern growth corridor offers apple opportunity for modern and new homes on an owned block of land – the quintessential Australian dream,” Mr Henderson said.
“Northern Gold Coast also offers more opportunity for buyers to own their own piece of land, as this area generally offers lower density housing.
“Buyers can still live on the Gold Coast today for the lifestyle, but with good access to Brisbane and major infrastructure.
In Ormeau, new housing developments and a convenient location contributed to its growth, however Mr Henderson says in Hope Island, high-ticket sales would have helped drive up the median sales prices.
“The Hope Island area offers property owners the lifestyle choices of multiple golf courses, marina berths, shopping centres, and palatial waterfront homes – and for boaties, there is easy access on the Broadwater,” he said.
“Plus a number of gated communities, such as the world renowned Sanctuary Cove Resort, are available for those seeking additional security.”
This article is republished from qldpropertyinvestor.com.au under a Creative Commons license. Read the original article.
