KINGS OF CASTLES

SUBURBS WITH LEAST MORTGAGE DEBT

THE number of million-dollar suburbs on the Gold Coast has jumped from one to six in three years and it is about to hit double figures.

CoreLogic data shows the median price of houses in Mermaid Beach, Main Beach, Broadbeach Waters, Clear Island Waters and Paradise Point have joined Surfers Paradise in the elite threshold.

Mermaid Beach was a million-dollar suburb before the global financial crisis but dropped below that mark in 2014.

While Main Beach was the Coast’s most expensive suburb with a median of $1.605 million, the suburb only recorded 14 house sales.

They are expected to be joined shortly by Runaway Bay, Bundall, Currumbin Valley and Willow Vale, whose medians are in the $900,000s.

“The population on the Gold Coast is predicted to nearly double over the next 20 years so I think we will see a lot more suburbs pop up into that price range,” REIQ Gold Coast zone chairman John Newlands said.

“It comes down to supply and demand.”

He predicted the next million-dollar suburb to appear within two years.

“Buyers looking in some of the more traditionally expensive areas may have been priced out. This then flows out to other suburbs and pushes prices up.”

Retirees John and Pam Roy bought their Runaway Bay

NEXT $1M AREAS Runaway Bay $960,000 Bundall $951,000 Currumbin Valley $920,000 Willow Vale $910,500 Benowa $876,000 Mermaid Waters $870,000 Currumbin $840,000 Tallebudgera Valley $825,000 Tallai $825,000 townhouse in 2005 and have watched the area transform.

Savills Gold Coast agent Georgia Elson is marketing the property at 37/3 Marina Cres which is for sale at $995,000.

She said local, Brisbane and interstate buyers were pushing up prices, particularly in Runaway Bay and Paradise Point.

“The interstate buyers really see a lot of value here compared to Sydney and Melbourne,” Ms Elson said.

“I just had an interstate purchaser say they couldn’t believe the price for the type of views and size they were getting.”

She said property prices would only increase further as the 2018 Commonwealth Games approached.

“I believe the properties in Runaway Bay are undervalued for what they are,” she said.