5 Coast suburbs have cracked the $1 million median home value mark for the primary time after astounding progress over the past 12 months.
Currumbin Valley was the standout, with home costs hovering 42.9 per cent to succeed in a median of $1.25m, up from $875,000 final yr, the Actual Property Institute of Queensland’s newest market report reveals.
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The acreage suburb’s beachside counterpart, Currumbin, didn’t disappoint, with prices soaring 25 per cent from $880,000 to $1.1m.
Other new entrants to the million dollar club were Tallebudgera, with 17.3 per cent growth to $1.1m; Runaway Bay, up 4.5 per cent to $1.035m; and Tallai, up 3.9 per cent to $1.026m.
The Gold Coast now has 12 of its 52 suburbs with a median house price of more than $1m.
REIQ CEO Antonia Mercorella said the suburbs which had seen the biggest growth offered a coastal or acreage lifestyle attractive to interstate buyers.
“I think we’re likely to see the market continue to perform like this for quite some time yet, and there’s a number of factors driving that growth,” Mr Mercorella said.
“We’ve got these historically low interest rates that are likely to be with us for a number of years, and interstate migration is very strong and still on the rise, with these buyers and of course also Queensland locals flocking to the Gold Coast for all that lifestyle it offers.”
Prestige real estate agent Michael Kollosche said COVID had spurred a mindset shift which combined with cheap finance had seen many people seize the opportunity to live the Gold Coast dream.
“COVID had a lot of indirect benefits in that we learnt not only that we could work remotely, but we also learnt a whole lot of different things about ourselves and where we wanted to live and what’s most important to us, and off the back of that we’ve seen a trend of moving away from the metro areas and into more lifestyle areas,” Mr Kollosche said.
Sprawling properties in rural areas such as Guanaba, Currumbin Valley and Tallebudgera had become retreats for affluent buyers as a substitute for overseas travel, he said.
The latest report pointed to a sellers’ market, with listings down 12.3 per cent over the year.
These strong conditions were likely to entice more vendors to list their properties over the coming months.
Harcourts Coastal sales director Rob Forde said even with rising house prices, the Gold Coast still represented excellent value to interstate buyers.
“Proximity to the water has always been a big factor in the desirability of real estate, and now more than ever people are drawn to having a sense of space, so whether it’s the ocean, the river or green space, they are prepared to pay more for that and this is reflected in the growth in median prices,” Mr Forde said.
A number of prestige properties in the new million dollar suburbs are currently on the market, including a unique home in Currumbin Valley built by the owner using rare timber throughout.
The three-level home built over 5,892 sqm of secluded bushland at 17 Marsh Place is for sale for offers over $1.495m. It has six bedrooms and three bathrooms and was designed for dual living.
In Tallebudgera, developer Riyu Li has set an eye-watering price tag of $50m for the sale of his sprawling mansion, Bellagio La Villa, marketed by Amir Mian, of Amir Prestige.
And in Carrara, buyers can pick from a number of luxury estates for sale along Maryland Avenue and surrounding streets, including the home of racing car legend Paul Weel and a $17m retro enclave owned by reclusive millionaire Otto Pfeiffer.
At Runaway Bay, a mega-mansion at 10 Shearwater Esplanade with 7m internal waterfall and indoor squash court is for sale for $7.9m.