The Gold Coast’s most affordable suburbs have been revealed, with five suburbs presenting the best chance of buying a house for under $500,000.
CoreLogic’s Top Affordable Suburbs report for March 2020 identifies the top 100 suburbs across Australia where the median house value is under $500,000.
Homes in the Hinterland suburb of Lower Beechmont are the lowest on the Gold Coast, with a median value of $450,993.
But with only 21 homes sold there in the past 12 months, budget buyers may be wise to consider other options.
Pimpama is the next best thing when it comes to affordable housing — the median value of a home there is $469,855 — and budget home buyers are onto it.
The latest release of homesites in Mirvac’s Gainsborough Greens community in Pimpama saw 70 per cent sold within two weeks.
Sized from 400sq m and priced from $260,000, 46 of the 61 homesites in Habitat Release were snapped up for a total of $13 million.
Warwick Bible, Mirvac General Manager, Residential Development Queensland, said affordability, access to the highway for commuters, Pimpama City shops and services, and a proposed train station made the suburb a smart option.
“The northern Gold Coast continues to be one of the fastest-growing areas in the city and it is easy to see why, with the ability to build a brand new and relatively affordable home with everything you could need in easy reach,” he said.
The neighbouring suburb of Coomera is the Gold Coast’s third most affordable, with a median house value of $472,149. And with 252 homes changing hands in Coomera in the past 12 months, buyers have plenty of stock to choose from.
In Nerang, house values have a median value of $475,710, while in Ormeau Hills buyers pay around $493,957 for a house.
For those with a little more in the budget, several suburbs offer a median house price that’s under $550,000.
Canungra ($507,851), Ormeau ($516,709), Upper Coomera ($518,877), Coombabah ($522,185) and Labrador ($530,725) rank among the top ten most affordable suburbs on the Gold Coast.
Highland Park, where the median house value is $536,609 also represents good value, as does Merrimac where a house will set you back around $545,951.
At the other end of the scale, Mermaid Beach is the most expensive suburb in which to buy on the Gold Coast, with a median house value of $1.389 million.
Hot on her heels is Surfers Paradise where you can expect to pay around $1.307 million for a house, while $1.132 million is the median for houses in Broadbeach Waters.
Eliza Owen, Head of Australian Research at Core Logic, said affordability metrics showed property on the Gold Coast was more affordable than the Sunshine Coast and the Richmond Tweed region, but less affordable than greater Brisbane.
“As of February 2020, the median house value across Brisbane is $551,770, compared with $661,560 on the Gold Coast,” she said.
“Prices across the Gold Coast have risen since September, and this will have weakened the affordability position in recent months.”