Gold Coast suburbs where house prices soar

HOMEBUYERS are discovering southern Gold Coast suburbs in droves — pushing house prices in areas such as Tallebudgera and Coolangatta to record levels.

The strength of the southern market has seen the number of its suburbs in the top 25 for price growth rise from four in 2014-15 to seven.

Tallebudgera was one of the biggest improvers over the past year, moving 49 places up the list with a massive 19.1 per cent jump in the median sale price for houses in the area.

Ten years ago the median sale price was $530,000, compared to $810,000 today.

The other southern suburbs to make the top 25 were Coolangatta (up 16.3 per cent), Palm Beach (up 13.9 per cent), Burleigh Waters (up 13.6 per cent), Burleigh Heads (up 11.4 per cent), Currumbin Waters (up 10.6 per cent) and Miami (up 10 per cent).

REIQ Gold Coast zone chairman John Newlands said some southern suburbs were shaking off a poor reputation and experiencing gentrification as wealthier residents moved in and displaced people from lower-income groups.

“I think suburbs such as Miami have become popular with people who previously would not have gone there,” he said.

“They have come into their own with new restaurants and markets opening, which has also made them more attractive.”

Developers have cottoned on to the trend as well, with Sunland launching a $62 million development, Magnoli Residences, in Palm Beach.

Mr Newlands said another reason for the popularity of southern suburbs was their affordability relative to other beachside areas such as Mermaid Beach, where the median has hit $1.21 million.

How your suburb rates

Suburb/median sale price/percentage increase

1) Mermaid Beach $1.21 million 25.5%

2) Willow Vale $777,500 21.5%

3) Tallebudgera $810,000 19.1%

4) Clear Island Waters $1 million 19%

5) Guanaba $810,000 18.1%

6) Hope Island $620,000 17.5%

7) Coolangatta $756,000 16.3%

8) Tallai $769,000 16.3%

9) Coomera $446,000 15.8%

10) Bundall $920,000 15.7%

11) Gilston $559,500 14.4%

12) Southport $536,000 14%

13) Palm Beach $675,000 13.9%

14) Burleigh Waters $687,500 13.6%

15) Helensvale $565,000 11.9%

16) Burleigh Heads $685,000 11.4%

17) Clagiraba $700,000 11.1%

18) Currumbin Waters $575,000 10.6%

19) Reedy Creek $707,500 10.5%

20) Biggera Waters $660,000 10%

21) Miami $645,000 10%

22) Runaway Bay $930,000 9.9%

23) Mermaid Waters $760,000 9.2%

24) Highland Park $475,000 9.2%

25) Ormeau Hills $487,000 8.3%

26) Merrimac $470,000 8%

27) Robina $615,000 7.9%

28) Tugun $522,000 7.6%

29) Varsity Lakes $551,000 7.6%

30) Elanora $575,000 7.5%

31) Bonogin $670,000 7.2%

32) Nerang $417,500 7.1%

33) Labrador $480,000 6.9%

34) Arundel $528,750 6.8%

35) Carrara $495,000 6.2%

36) Paradise Point $900,000 6.2%

37) Worongary $540,000 5.9%

38) Oxenford $473,250 5.9%

39) Coombabah $445,000 5.5%

40) Mount Nathan $675,000 5.5%

41) Parkwood $541,250 5.4%

42) Springbrook $365,000 5.2%

43) Upper Coomera $439,750 4.7%

44) Pacific Pines $485,000 4.2%

45) Gaven $632,500 3.7%

46) Ashmore $515,000 3%

47) Molendinar $557,500 2.8%

48) Benowa $770,000 2.7%

49) Pimpama $445,000 2.4%

50) Jacobs Well $416,250 2.3%

51) Lower Beechmont $387,500 2%

52) Mudgeeraba $529,000 1.7%

53) Ormeau $450,000 1.5%

54) Broadbeach Waters $853,000 1.4%

55) Tallebudgera Valley $750,000 0%

56) Yatala $700,000 -0.7%

57) Maudsland $488,500 -1.3%

58) Currumbin Valley $830,000 -1.6%

59) Hollywell $592,500 -2.1%

60) Surfers Paradise $1.17 million -2.5%

61) Wongawallan $628,000 -5.6%

62) Bilinga $518,500 -7.6%

63) Currumbin $780,000 -15.2%

Data source: CoreLogic RP Data, 12 months to February, 2016

Article source: Gold Coast Bulletin, 31st May 16