SEVEN HEAVEN
Coast house price boom outstrips Sydney, Brisbane
GOLD Coast property values rose 7.9 per cent over the 12 months to March, outstripping Sydney and Brisbane.
CoreLogic data show the median house price reached a record $615,000. Some suburbs, including Broadbeach Waters and Currumbin Valley, experienced price growth of more than 20 per cent in a year.
HOMEOWNERS in Miami are the big winners of the Gold Coast property boom, enjoying a 65 per cent increase in house prices since 2012.
The latest figures from CoreLogic show the suburb’s median house price has jumped from $455,000 to $752,500 in the past five years.
Broadbeach Waters (up 60 per cent), Clear Island Waters (54.5 per cent), Bilinga (52 per cent), Tugun (46 per cent), Southport (42 per cent), Benowa (40 per cent) and Mermaid Waters and Hope Island (both 38 per cent) also experienced significant growth.
Corelogic said 56 properties sold in Miami this year – among them a 1950s fibro shack at 58 Marine Pde for $3 million and a glitzy threelevel mansion at 114 Marine Pde for $3.025 million.
Tamara and Joe Johnson were lured to Miami from Palm Beach and have just completed two luxury villas at Sunshine Pde.
“We are still trying to
work out why it is such an underrated suburb,” Mrs Johnson said. “It is flying under the radar when it comes to expensive beachfront property.”
“We originally lived at Palm Beach because we noticed it was one of those upand-coming markets. Mermaid Beach was another hot suburb and right next to it was Miami which was also becoming a bit of a trendy place to live.
“We couldn’t work out why it wasn’t overpriced and why there was affordable blocks of beachside land and we decided to jump at it.”
REIQ Market Monitor editor Felicity Moore said the Miami price hike came on the back of factors such as the light rail, demand for beachfront property and the flowon effect from Mermaid
Beach.
“Proximity to the recently renovated Pacific Fair shopping centre, Bond University campus and Mermaid Beach, which is the Gold Coast’s most expensive suburb, make this suburb very attractive for owner-occupiers looking for quality living,” Ms Moore said.
“The future stage of the
WE ARE STILL TRYING TO WORK OUT WHY IT (MIAMI) IS SUCH AN UNDERRATED SUBURB. IT IS FLYING UNDER THE RADAR WHEN IT COMES TO EXPENSIVE BEACHFRONT PROPERTY. TAMARA JOHNSON
light rail project is forecast to include an extension to the Coolangatta airport providing direct access to Miami.”
John Henderson Professional Mermaid Beach principal Andrew Henderson said the supply of homes available in Miami was limited.
“During the March quarter, only 19 homes changed hands in Miami,’’ said Mr Henderson. “Vendors are resisting the temptation to put homes on the market while prices are rising so strongly.
“I would suggest this is exactly the time they should consider selling because the demand will not last forever.”
Mr Henderson said he was not surprised Miami was city’s best performing suburbs over five years.
“Five years ago Miami would have been considered one of the great underrated suburbs of the Gold Coast’’ he said.
“It sits on the beachfront in the heart of the city, right beside Mermaid Beach, one of the most prestigious suburbs on the Coast and yet many people overlooked it as a potential suburb to call their home. This perception is has certainly changed.”