HOUSE sellers in the 4213 postcode — which includes Mudgeeraba and Tallai — are reaping big profits, thanks to a surging property market.
According to CoreLogic’s Most Profitable report, 100 per cent of properties sold in Tallai and 97 per cent in Mudgeeraba made money compared to their last sale price.
In Tallai, the average gain was $264,167 while in Mudgeeraba it was $122,222. Neighbouring 4213 suburbs Bonogin and Worongary also appeared in the top 10 list.
The couple, who have three children, put their home on Hinterland Drive on the market after renovations, including a new kitchen, bedroom and open-plan living area.
“It was time to get a bigger house for the kids,” Mr King said. “The profit was enough to get that bigger house.”
Mr King said the house was on the market for a few weeks before selling, attracting eight offers before a deal was nailed down.
Mudgeeraba was popular because of its “country feel” while being close to the business hub of Robina.
“It’s a country town in the city,” he said. “People want to move to the country but still want the city close by.”
He said Mudgeeraba State School, which his children attended, was within walking distance while Robina Town Centre and Robina Hospital were a short drive away.
First National Mudgeeraba principal Murray Duthie, who is vice-president of the Mudgeeraba Chamber of Commerce, said proximity to Robina and the “unique” character of the area was fuelling demand for property.
“Demand is outstripping supply,” he said.
“Buyers are still mindful of price but the old adage of location, location, location tells the story.”
Mr Duthie said the chamber worked hard to promote the character of the area through heritage-style signs and other aspects of “Australiana”.
“We have always marketed Mudgeeraba as the most unique part of the Gold Coast not associated with water,” he said.
REIQ Gold Coast zone chair John Newlands said improving infrastructure and proximity to growing business hubs was driving the popularity of these suburbs.
“You can be in Robina Town Centre and within five minutes be in Mudgeeraba,” he said. “There is a number of major schools out there and shopping centres.”
Mr Newlands said the suburbs were not as remote as they once were.
“I lived in Mudgeeraba and Tallai and going into town was quite a trek,” he said. “The distance has not changed but the roads are better.”
Tallebudgera had the highest financial gain in the report, with sellers making on average $267,773 and 92 per cent of sales profitable. The report tracked resales over three months to August.
According to CoreLogic figures, the median sale price in Mudgeeraba rose 5.4 per cent for the 12 months to December to $525,000 while in Tallai it jumped 5.7 per cent to $697,500.
TOP 5 SUBURBS
SUBURB — AVERAGE GAIN:
— Tallai — $264,167
— Mudgeeraba — $122,222
— Highland Park — $137,710
— Burleigh Waters — $239,476
— Palm Beach — $183,089
Source: CoreLogic Most Profitable report, three months to August, 2015