Merry times in Merrimac
Suburb tops number of sales above listed price
SOME of the Gold Coast’s most affordable suburbs are also the region’s biggest overperformers.
Research from REALas, a property price predictor, reveals 69 per cent of properties in Merrimac sold above the listed price during the first quarter of the year.
Highland Park (59 per cent) and Upper Coomera (58 per cent) were close behind.
Pacific Pines, Nerang, Varisty Lakes, Elanora, Mudgeeraba and Reedy Creek also all had at least 50 per cent of sales go for more than the listed price.
But in the coastal suburbs of Broadbeach, Labrador, Biggera Waters, Southport, Surfers Paradise and Miami less than 25 per cent of sales were for over the listed property price.
Generally, there is a correlation between demand in the area and sales over the listed price, REALas spokesman Mark O’Neill said.
“In towns where there is not much demand, the price quoted is what agents think they can get for it,” he said. “When there is more demand there is more they can do with it.”
Gold Coast Property Sales and Rentals Principal Tina Nenadic said the suburb was good value for buyers.
“It is affordable, it is in the bracket for first-home buyers and downsizers are attracted to the area too,” she said. “It is also easy to drive in and out of and right next to Robina. For people wanting to live in Robina who can’t afford it they go to the neighbouring suburb.”
LJ Hooker Nerang Principal Shane Colquhoun said there was a lack of supply in the western suburbs of the Gold Coast which had meant more people were bidding for fewer properties.
“I still see there is a ton of stock in the coastal market but a lack of good quality stock out here,” he said.
“There are a lot of families who want to live out in the suburbs, the good mums and dads suburbs.
“They are a good place to bring up a family, close to good schools and the commute is easy to Brisbane because you’re close to the highway.”
He said the homes in those suburbs were more affordable.
“There is a bit of room left with pricing, a lot of the coastal areas have moved up significantly and we have some catching up to do,” he said.