HOUSE prices continue to boom on the Gold Coast with the city now boasting seven million dollar suburbs. Now, a surprise suburb has joined the elite club.
CoreLogic data shows the 7.7 per cent increase over 124 house sales pushed the central suburb into the exclusive price threshold shared by Mermaid Beach, Main Beach, Broadbeach Waters, Clear Island Waters, Paradise Point and Surfers Paradise.
As a whole, the Gold Coast also recorded a 7.7 per cent increase in median house sale prices of $630,000 while the median sale price of units increased by 4.2 per cent to $422,000.
Main Beach is still the region’s most expensive suburb, but recorded a slight drop from $1.605 million to $1.520 million over just 12 house sales.
Real estate agent Karen Stewart from McGrath Surfers Paradise, who has handled property sales in Bundall for the past 15 years, said the suburb had clawed back to triumph.
“Five years ago it was a really tough market, you had sellers that wanted to sell, but the market hadn’t caught up after the GFC,” Ms Stewart said.
“It improved slowly over the last three years but really it’s the past 12 months where it has surpassed.”
Ms Stewart reported a trend towards buyers snapping up then renovating or rebuilding older homes.
“It’s so quiet and you’re out of the more transient suburbs but in 10 minutes you can be in places like Surfers Paradise and Broadbeach,” she said.
“We’ve had a lot of interstate buyers, we’re finding a lot more sales are coming from out of town, but there still is a fifty-fifty ratio of local and visitor buyers.”
REIQ Gold Cost zone chairman John Newlands said Bundall’s swift rise was partly due to its size.
“Bundall touches a very wide area — it takes in the suburb of Bundall, Sorrento, properties near the racecourse, and then a large base of waterfront properties and that elevates the price point,” Mr Newlands said.
It comes as property prices continue to climb less than 100 days out from the Commonwealth Games, with Willowvale and Currumbin Valley sitting in the $900,000 median house sale price bracket.
Mr Newlands said lifestyle and location factors would help more suburbs crack the million-dollar mark in 2018.
”Mermaid Waters is one — all of those suburbs that are centrally located, only a minute’s drive to the beach, close to shopping centres, boutique places and spots for families to take the children,” Mr Newlands said.
Mermaid Waters was the third-highest moving suburb of 2017, recording a 17.2 per cent increase in median house prices to $881,000.
“It’s all about demand, we’re starting to see a return of interstate investors from Sydney and Melbourne, so it’s starting to surge forward with a greater population wanting a waterfront lifestyle,” Mr Newlands said.
According to Ms Stewart, Benowa Waters is also one to watch.
“Benowa Waters has had a massive increase over the past 12 months due to the school catchment area being tightened up,” Ms Stewart said.
Vendors cash in on Bundall boom
Bundall homeowner Joanne Wheeler has listed her waterfront Daimler Drive property after 15 years and stands to sell for double the amount she paid for it.
Ms Wheeler bought the five-bedroom, three-bathroom north east facing house in 2002 for $730,000 — it is now on the market for $1.49 million.
The property is in the central Evandale Estate, close to the Gold Coast Turf Club, Chevron Island, and burgeoning Evandale Parklands.
“I always thought it was a bit unknown as a residential area, which is part of its appeal, and it’s remained so quiet,” Ms Wheeler said.
“I’m not surprised at the current market really, but I am pretty happy.”
Ms Wheeler, who moved from the UK to Australia 30 years ago, shared her home with her two grown-up children after being lured from Brisbane by the Gold Coast’s waterfront lifestyle.
”Directly where I am it has remained very quiet and unspoilt, although a few blocks have now got duplexes on them,” Ms Wheeler said.
“The area as a whole has changed dramatically, particularly with the cafe precinct and the development of the Gold Coast Arts Centre.”
Before listing her property, Ms Wheeler, who recently retired, made significant renovations including a new pool setting, kitchen and staircase.
“I finished up my work and it’s quite a large property, so I want to downsize, travel more and see family,” Ms Wheeler said.
Originally Published: www.news.com.au