Gold Coast one of Queensland’s most expensive property markets
The Gold Coast is one of Queensland’s most expensive places to buy property following steady price growth over the past year.
The city’s median house price hit a new high of $625,500 after recording 1.4 per cent growth in the 12 months to December 2018, according to the latest Real Estate Institute of Queensland Market Monitor, released today.
The jump of about $8500 is bucking the trend set by the cooling markets across most of Australia.
However, in comparison to the 3.8 per cent growth the Gold Coast notched in the 12 months to September, it’s only a slight increase.
Sitting behind Brisbane ($675,000) and first-placed Noosa ($739,500), the Gold Coast’s annual median house price was the third highest in the state.
REIQ CEO Antonia Mercorella said despite the positives, rising days on market and increased vendor discounting for houses were challenges the Gold Coast faced.
“The outlook for the house market is one of steady consolidation … which can be viewed as positive given reported property price falls in other major Australian cities,” Ms Mercorella said.
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The Gold Coast’s unit prices also came in third despite the annual median price falling 1.2 per cent to $430,000 — a drop of $5000.
The most expensive unit markets were Currumbin, Main Beach, Hollywell, Bilinga and Benowa where the median unit price was higher than $690,000.
Kollosche director Michael Kollosche said it was no surprise Gold Coast was high on the list.
“With the population growth in the area and public spending on infrastructure, the Gold Coast is a destination and the city has really matured,” he said.
“We still represent really good value in comparison to southern states and offer a lifestyle that is hard to beat anywhere else in Australia, let alone the world.”
REIQ Gold Coast zone chair Andrew Henderson said the Coast welcomed all new residents unlike Noosa, which had a population cap.
“Being third gives us more opportunity to attract people to come and live here,” he said.
“We are growing and have plenty of new developments, which helps jobs and gives people choice on the property they purchase.
“We are definitely not locking the gates.”
The report also showed the Glitter Strip had 10 suburbs in the million-dollar club, based on the quarterly median house price to December.
The stars were Currumbin Valley, Wongawallan, Mermaid Beach, Surfers Paradise, Tallebudgera Valley, Bundall, Broadbeach Waters, Clear Island Waters and Coolangatta.
Mr Henderson said the gentrification of older areas added more suburbs to the club.
“Older homes are being made way for and people are building bigger mansions, hence they are pushing up the average sale price for the locations,” he said.
BY THE NUMBERS — THE COAST’S PRIME MOVERS
Biggest quarterly median house price movers
Bundall up 6 per cent to $1.06 million
Robina up 4.4 per cent to $710,000
Ashmore up 4.3 per cent to $610,000
Helensvale up 4.2 per cent to $614,500
Southport up 3.7 per cent to $600,000
Biggest quarterly median unit price movers
Benowa up 24.3 per cent to $694,000
Varsity Lakes up 7.5 per cent to $448,800
Hope Island up 6.3 per cent to $680,000
Southport up 3.7 per cent to $376,500
Main Beach up 2.5 per cent $750,000