More than just the surf is up on Coast

THIS has been a year like no other for the Gold Coast property market.

The extraordinary momentum carried over from 2020, coupled with huge interstate migration numbers and low interest rates, has contributed to a mammoth year of growth for the city’s residential housing market.

CoreLogic’s annual Best of the Best Report, which provides a suburb-level analysis of the country’s best and worst performers including top sales, highest median values and strongest growth rates, reaffirms the Glitter Strip’s remarkable results.

The report revealed buyers were willing to pay a huge premium to secure property in the beachside pocket of Mermaid Beach, Miami, Mermaid Waters and Burleigh Waters.

Houses in these suburbs recorded the biggest surge in values.

Mermaid Beach is up a whopping 51.7 per cent, which is the highest jump in Queensland.

Miami had a 49.8 per cent increase, Mermaid Waters jumped 46.3 per cent and Burleigh Waters was up 45.1 per cent.

Unit values in Mermaid Beach and Burleigh Waters also surged 40.2 per cent and 35.9 per cent respectively.

It came as no surprise to also see Mermaid Beach with the highest median value for houses at $2.22m.

The popular beachside suburb, which hit the $2m club this year, recorded 86 house sales.

Surfers Paradise ($1.84m) was next, Broadbeach Waters ($1.76m) was third and the bridesmaid suburb of Bundall was a surprise fourth with a median value of $1.69m.

On the unit front, Main Beach trumped the city with a median value of $953,652 across 266 sales.

Coolangatta was second with $931,285 and Burleigh Heads third with $886,436.

CoreLogic’s head of research Eliza Owen said higher-end lifestyle markets including the Gold Coast were among the year’s top performers as internal movements from cities to regions increased.

“The popularity of regional Australia is reflected in many aspects of the Best of the Best report for 2021,” she said.

“This may in part be attributable to how Covid-19 continued to shape demand trends, with coastal or leafy settings being more desirable as some workers were empowered to work remotely.”

It’s good news as well if you’re an investor with several Gold Coast suburbs recording huge gains in their rental values.

Houses in Clear Island Waters recorded the biggest annual change in the state, up 28.3 per cent to a median rent of $1091.

Merrimac was second, up 27.2 per cent, and Holywell third, after a rise of 26.1 per cent.

The report also revealed Hope Island was the Gold Coast’s most popular suburb with the highest number of sales.

The golfing and boating mecca, with a growing reputation as a family-friendly suburb, recorded 478 sales totalling almost $689m.