NSW and Victorian buyers are searching for a seachange in Queensland, with Surfers Paradise, Burleigh Heads and Broadbeach their most searched locations in Australia. REA Group figures show interstate buyers have Queensland in their sites with seven out of 10 of the most popular property markets in the state. REA Group’s research manager Cameron Kusher says the most popular suburbs for searches tend to be coastal or inner city. Surfers Paradise, Burleigh Heads, Broadbeach, Coolangatta, Palm Beach and Southport were the top picks for NSW buyers, while for Victorians it was Broadbeach, Surfers Paradise, Port Douglas, Burleigh Heads and Palm Cove. “A lot of the properties that were previously holiday lets couldn’t be leased through the pandemic because we had lockdowns in NSW and Victoria,” says Gold Coast agent Andrew Bell. “These places were struggling to find tenants and many of the owners were choosing to sell their properties. This gave buyers a little more choice.”
Prestige Buyers Boost Coast Boom
Increased demand has lifted Gold Coast luxury property prices to new levels in the past year with record-breaking growth resulting in Surfers Paradise and Southport being named two of the country’s top-selling suburbs. Domain’s September House Price Report reveals 11 Gold Coast suburbs now have million-dollar median house prices compared with just two suburbs a year ago. Miami’s median house price increased 44% to $1.205 million while Mermaid Waters’ median house price increased by 42% to $1.22 million. In Mermaid Beach, a 32% hike sent the median house price to $2.075 million. Andrew Bell of Ray White Surfers Paradise Group says: “Twenty months ago, you couldn’t have imagined the prices we’d achieve. This is the greatest boom in the history of the country. “The last thing I can remember that was close to this was 1988 and 89. This boom is even stronger.”
Quote of the Week
“It’s still a hot market. The boom isn’t over. Even in Melbourne and Sydney, where it’s slowed, you’re still seeing values rise 1% in a month. Even though the market has slowed in those cities, the rate is still well above average.”
CoreLogic research director Tim Lawless
Boom Not Over: Market Keeps Growing
Australia’s pandemic property boom is continuing with the latest figures revealing house values have increased for the 14th consecutive month. CoreLogic figures show values increased 1.3% in November, the lowest increase since January. But house values are rising faster in Brisbane and Adelaide with Brisbane’s home price up by 2.9% in November (the fastest rate in 18 years) and Adelaide up 2.5% (the highest rise since 1993). “Housing affordability in Brisbane and Adelaide is less pressing, there have been fewer disruptions from lockdowns and interstate migration is fuelling housing demand,” says CoreLogic research director Tim Lawless. “It’s still a hot market,” he says. “The boom isn’t over. Even in Melbourne and Sydney, where it’s slowed, you’re still seeing values rise 1% in a month. Even though the market has slowed in those cities, the rate is still well above average”
