House prices have grown 6.8 per cent in the Gold Coast hinterland over the past year, and 2.7 per cent in city’s eastern suburbs, while Brisbane’s city-wide median house price fell by 1.8 per cent over the same period, according to Domain’s House Price Report for the September quarter.
Median house prices have risen most in Clear Island Waters, Paradise Point and Coombabah, while units in Mermaid Waters, Arundel and Coombabah saw the biggest jumps.
The median unit price in Mermaid Waters had increased by 21.2 per cent to $472.500 in the year to October. Local agents say the interest in the area stretches from Mermaid Waters right across to the ocean.
Median price growth – houses
|Suburb||Median price||YoY change|
|Clear Island Waters||$932,000||13.0%|
Mermaid Beach is the second-most expensive suburb in Queensland with a median house price of $1.455 million, and the Gold Coast’s exclusive beachfront street Hedges Avenue is experiencing a surge in sales.
A number of notable sales this year have included 99 Hedges Avenue which sold for $6.395 million and 223 Hedges Avenue, which sold for $6.325 million. A vacant lot at 49 Hedges Avenue sold for $4.2 million.
Leading agent Luke Henderson from John Henderson Professionals Mermaid Beach said prestige buyers were feeling extremely confident about the economic future of the Gold Coast and the city’s property market.
“I think you just can’t beat waking up to the sound and the sight of the waves crashing onto the beach,” Henderson said. “Mermaid Beach is a lifestyle destination, with its relaxed coastal vibe. Strict height limits ensure that its village feel is retained and buyers feel comfortable when paying for such a great location that their investment has good potential for capital growth.
“Currently we’re seeing the lowest listing levels I can recall in 20 years of selling real estate in the suburb, which I believe is due to concern from sellers that if they sell out they may not be able to get back in at the same price level.
“Strong growth has also been recorded in Mermaid Waters which is a highly popular area for families, due to its larger land sizes and location in the heart of the Gold Coast making it easily accessible to shopping, cafes and transport.”
He added he expected the market to remain strong heading into the Christmas and New Year period.
“Spring and summer are always growth periods on the Gold Coast,” he said. “Southerners look to secure a position in readiness for next year’s school commencement and to ensure the great warm weather we see at this time of year.”
Median price growth – units
|Suburb||Median price||YoY change|
The median unit price in Arundel rose 12.3 per cent over the past 12 months to $378,000, and 26.2 per cent over the past five years, Domain data shows.
“Arundel is seeing growth because we have bigger blocks, bigger houses and property is well priced,” said Neil Cameron, principal at Harcourts Arundel said. “We’ve seen growth around the golf course and the light rail has also attracted interest. Schools are good in this area, and we’re close to the M1.”
In Coombabah median unit prices were up to $451,000, an increase of 12.9 per cent over the past 12 months, and 24.7 per cent over a five-year period.
The location and value for money were the main draw cards to the area, according Ray White Runaway Bay sales agent Ross Kachel.
“Parks, shops and Coombabah Lakes are all right on the door step, as is Runaway Bay shopping centre,” he said.