Shock sub­urb tops the list

The Gold Coast Bulletin - - NEWS - JES­SICA BROWN

A GOLD Coast sub­urb has recorded a sur­pris­ing surge in prop­erty value dur­ing the past year, mak­ing it one of the top per­form­ing sub­urbs in Queens­land.

Hol­ly­well recorded 30.5 per cent cap­i­tal growth in the 12 months to June, ac­cord­ing to lat­est Real Es­tate In­sti­tute of Queens­land re­search.

The north­ern sub­urb, which now has a me­dian price of $810,000, claimed sixth place on a list of 68 Queens­land sub­urbs that recorded dou­ble digit cap­i­tal growth.

Prop­erty ex­perts were sur­prised by the jump, say­ing it was a rel­a­tively small sub­urb with a low pop­u­la­tion.

How­ever, Har­courts Coastal Broad­beach agent Tim Zam­pech, who owned a prop­erty in the area with his fam­ily, un­der­stood the ap­peal.

He said many peo­ple bought in the area be­cause it was more af­ford­able than neigh­bour­ing Run­away Bay and Par­adise Point yet they still en­joyed those sub­urbs’ ben­e­fits.

“I think the rea­son it’s done so well is that it sits right be­tween Run­away Bay and Par­adise Point, which have both been very strong per­form­ing sub­urbs,” he said.

“Par­adise Point is red hot all the time, Hol­ly­well is the next

best thing be­cause next door.

“I re­mem­ber telling peo­ple about Hol­ly­well 10 years ago and they’d say ‘where?’ No one even re­ally knows about it.”

REIQ Gold Coast zone chair­man An­drew Hen­der­son backed Mr Zam­pech, say­ing the sub­urb was a “hid­den gem”.

He said high prices paid for some of the sub­urb’s wa­ter­front prop­er­ties could also have bumped the fig­ure up.

Pro­fes­sion­als Ver­tullo Real Es­tate agent Steve Taber said the sub­urb of­fered house hun­ters much more af­ford­able wa­ter­front prop­er­ties com­pared to its neigh­bours.

“The strong por­tion of the mar­ket is dry houses though, be­tween $700,000 and $1 mil­lion,” he said. it’s right

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