Gold Coasts most affordable bounce up from low base
August 10, 2010
There has been a surge in house and unit prices within what have been among the Gold Coast’s most affordable suburbs for some time, surging from a low base for the corresponding period 12 months earlier, according to the latest Colliers International Top 5 Suburb Report.
Lynda Campbell, Colliers International Gold Coast Research Manager, who compiled the report, said that the top five suburbs in terms of house prices are primarily hinterland suburbs, with the exception of beachside Kingscliff and conversely, the top five suburbs by unit price are primarily coastal, with the exception of Merrimac.
The report revealed that Currumbin Valley recorded the highest house price growth, increasing 37.3 per cent from a median of $522,500 in March 2009 to $717,500 12 months on.
Neighbouring Currumbin came in a close second, lifting 37.1 per cent to a March 2010 median of $667,500 from $487,000 12 months earlier.
Although both Currumbin Valley and Currumbin are showing the highest price growth, it is on a low volume of sales.
Hollywell has come out on top for price growth for units, with an increase of 46.4 per cent over the last 12 months, with Merrimac second with an increase of 34.8 per cent.
Ms Campbell said the suburbs of Hollywell, Main Beach and Coolangatta may have experienced an increase in median price due to new apartment buildings being completed and recording prices circa $1 million, thus pushing up the median prices.
“The majority of suburbs in the top five list this year all had medians around $500K or under last year,” she said.
Ms Campbell said all suburbs in the top five list for this quarter are showing growth of more than 25 per cent, which is something we haven’t seen occur for more than two years.”
“Although these figures are encouraging, it should be noted that the housing medians in our top 5 list are all suburbs which were recording low medians 12 months ago, when the Gold Coast median house price was $452,800.”
Brinton Keath, Colliers International State Director of Residential Project Marketing, said that affordability remains the most important driver in the market.
“Suburbs that had previously been overlooked in better times or suburbs where the town planning or site values allow more affordable product, will continue to attract the lion share of investment in the current conditions,” he said.
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