Sold On Gold Coast: The priciest central suburbs
THEY are home to the affluent and full of homes many can only dream of.
Mermaid Beach, Surfers Paradise and Clear Island Waters were the three priciest areas for the central GC as featured in the Bulletin’s Sold On Gold Coast — the Glitter Strip’s ultimate property guide.
Find out what makes these suburbs so popular and why it’s so expensive to buy a house there.
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1. Mermaid Beach
Median house price: $1.375 million
Median house rent: $695/week
Median unit price: $445,000
Median unit rent: $470/week
Average days on market: 41.5 days
Average hold period: 11 years
Average weekly household income: $1463
Median age: 35
Mermaid Beach is considered the Gold Coast’s ultimate lifestyle destination.
It is central and beachside yet has a more laid-back vibe than its bustling neighbour Broadbeach.
It has an eclectic blend of cafes, restaurants and shops and is adored by locals because of its
Ron London Estate Agents principal Ron London said it catered to all demographics.
“Mermaid is a central location, and a diverse mix of people and property styles make it a suburb for everyone,” he said.
“(It) is the most eclectic, diverse suburb on the Coast with its mix of entry-level units and multimillion-dollar homes.
“(It) continues to evolve as the most desirable residential beachside suburb.”
Albatross and Hedges avenues front the beach and run the entire length of the suburb.
Hedges Ave is one of the Gold Coast’s most renowned streets.
Known as Millionaires’ Row, it is home to some of the city’s most impressive mega-mansions.
Traditional shacks in Mermaid Beach are more often selling for premium prices then being bulldozed to make way for million-dollar homes, but bargain buys can still be found.
However, Mr London expected it to get harder to buy property in the suburb.
“It’s likely the suburb will be in higher demand as I feel that people are making more of a focus on an ‘at fingers tip’ lifestyle,” he said.
Mermaid Beach’s popular minigolf course is also a family favourite while Bam Bam Bakehouse is often frequented by celebrities.
2. Surfers Paradise
Median house price: $1.265 million
Median house rent: $698/week
Median unit price: $370,000
Median unit rent: $400/week
Average days on market: 81.5 days
Average hold period: 9.5 years
Average weekly household income: $1136
Median age: 37
It is known as the tourism and party capital of the Gold Coast.
With world-class night venues, a pumping atmosphere and international events, it is no wonder people descend on Surfers Paradise when they visit the city.
Harcourts Coastal agent Tolemy Stevens best described it as “Australia’s holiday playground”. “Spectacular beaches, exciting family holiday environments, world-class retail and restaurants and of course, the night-life make it a truly unique destination,” he said.
“It’s a wonderful place to live, a pumping tourist destination and a home away from home for anyone seeking the quintessential Australian beach lifestyle.”
While tourism and entertainment are big parts of the suburb’s appeal, there is a lot more to it than meets the eye.
Mr Stevens said the population included transient tourists and locals who wanted to make the most of its enviable lifestyle.
There are generally two types of buyers in the area — those looking for apartments and those who prefer houses in established areas, including Paradise Waters, Chevron Island, Cronin Island and the Isle of Capri.
“From your one-bedroom studio apartment to your ultimate grand palatial beachfront properties, Surfers Paradise has enormous diversity that allows anyone in any price range to enjoy everything it has to offer.”
He said the area was evolving off the back of the region’s growth.
“We are now entering an exciting new phase with more major high-rise developments and cranes in the sky adding to the iconic skyline, as well as a rejuvenation of the mall with outstanding, well-established retail and restaurant tenancies — the future looks bright.”
3. Clear Island Waters
Median house price: $1.125 million
Median house rent: $850/week
Median unit price: $425,000
Median unit rent: $480/week
Average days on market: 53 days
Average hold period: 12 years
Average weekly household income: $1373
Median age: 50
Clear Island Waters has emerged as one of the most in-demand Gold Coast waterfront suburbs.
Oresti Astras, principal of Astras Prestige Property, has sold properties in the suburb for
25 years, many of them on multiple occasions.
“It is a relaxed waterfront lifestyle that has some of the widest waterways on the Gold Coast,” Mr Astras said.
“The suburb is close to all facilities such as some of the Gold Coast’s finest schools, All Saints Anglican College, Somerset College, St Vincent’s Primary School, Fuji International Kindergarten and Kool Kids,” he said.
CoreLogic figures reveal Clear Island Waters has a median house price of $1.125 million and a median unit price of $425,000.
The suburb is close to Pacific Fair Shopping Centre and the Robina Town Centre and is next to the Q Super Centre.
Mr Astras said buyer confidence had increased since the federal election.
“The value has always been there. However, there was a period of indecision. People are now starting to make more positive buying decisions with recent sales of properties that were sitting on the market now sold.”
Recent sales activity has been both at the $1 million to $1.2 million mark and also at the $2 million price point in Isles of Istana.
“For $1 million to $1.2 million buyers are effectively getting the waterfront house for nothing as waterfront land alone sells at the same price point,” Mr Astras said.
“As for the $2 million-plus market, a five-bedroom-plus-study waterfront home in Clear Island Waters is plain good value especially to our southern visitors, evidenced by an increase in interstate sales to Baby Boomers planning to retire.”
Mr Astras said the biggest demand was for entry-level or lower-priced waterfront property
Source: CoreLogic data to April 2019