It’s been revealed that the humble Gold Coast suburbs of Jacobs Well, Paradise Point, Surfers Paradise and Tallebudgera Valley have recorded a surprising surge in house value.
According to new data from the Real Estate Institute of Queensland, the value of properties in the four suburbs went up between 10 and 21 per cent in the past year to June.
It’s a stark change to the rest of the Gold Coast, which saw the average price of a property in the city fall by 1.6 percent in the last quarter and 0.5% in the past year.
Despite property prices softening, the Gold Coast was still the third most expensive local government area for houses, behind Brisbane and Noosa.
The June quarter saw the median sale price of homes on the Gold Coast drop to $615,000, which is $65,000 less than the average price of a home in Brisbane. Noosa took out the top spot however, with a median sale price of $733,750.
REIQ CEO Antonia Mercorella told myGC that a large amount of Gold Coasters were sitting on gold mines, with a number of million dollar plus suburbs across the city.
The beachside suburb of Main Beach topped the list, with a median house price of $1.5 million in the last quarter.
“Main Beach is always a very popular one and tends to sit right at the top of the pack, but also Mermaid Beach and Surfers Paradise, they’re all in that million dollar club as well as Paradise Point, Runaway Bay and Broadbeach Waters.”
Ms Mercorella revealed the future for homeowners in Clear Island Waters and Hollywell also looks very promising.
“There are a couple of suburbs that are just starting to slightly nudge their way towards that million dollar mark, so those are places like Clear Island Waters and Hollywell, so they’re sort of the top performers on the Gold Coast,” she said.
Over the past five years, the Gold Coast increased its median house price by 26.9 per cent, up from $490,000 at the start of the period.