They don’t call it the Gold Coast for nothing, with six suburbs making the city’s million-dollar club – two of which got there off record double-digit growth, latest figures show.
The Real Estate Institute of Queensland’s quarterly market monitor reveals the Gold Coast’s annual house price rose 0.8 per cent for the year to December 2019, recording a median value of $630,000 across 5,795 transactions.
Six suburbs made the annual million-dollar-median club, including Runaway Bay ($1.02 million), Surfers Paradise ($1.49 million), Mermaid Beach ($1,547,500), Broadbeach Waters ($1.195 million), Clear Island Waters ($1.075 million) and Paradise Point ($1.22 million).
The star power came off two suburbs that saw double-digit value gains during the year to December 2019: Mermaid Beach (11.1 per cent) and Tallebudgera Valley (11.0 per cent).
The report comes as prestige agents report a strong start to the year, with buyers continuing to sign contracts despite the COVID-19 pandemic.
Kollosche agent Jamie Harrison said his office had recorded a record start to the month in terms of unconditional sales on the board, with any market uncertainty bringing serious buyers to the fore.
“We’ve got a lot more buyers than we do properties available, interest rates are cheaper again, and there are a lot of people out there wanting to buy and take advantage of the opportunity that’s in front of us,” he said.
The Gold Coast was the state’s third most expensive Local Government Area for houses, based on the annual median price, behind Noosa ($730,000) and Brisbane ($680,000).
Medium-term investment saw strong results, with the median house price having increased by 23.55 per cent since its $510,000 figure just five years ago.
Gold Coast housing prices rose modestly over the most recent quarter, with a 3.2 per cent gain in values to record a median of $638,500 across 1,377 transactions.
“There’s no question that many locations across the State started to firm at the tail-end of last year, similar to other markets around the nation,” says Antonia Mercorella, CEO of The Real Estate Institute of Queensland.
“Time will tell whether these stronger market conditions continue in 2020 – particularly with the coronavirus (COVID-19) now impacting the national and global economies.”