Surge in $1M homes

More property listings are jumping into the next price bracket, as buyer demand continues to drive the coastal property market

THE GOLD Coast’s $1 million-plus market is heating up with about 600 houses now advertised in this price bracket each week.

CoreLogic data shows the figure is up from about 550 listings at the same time last year, and around 520 properties two years ago.

This week CoreLogic shows 637 Gold Coast houses listed above $1 million.

Harcourts Coastal director Dane Atherton said the increase came down to price growth on the Coast.

“The band between $600,000 and $800,000 is where a lot of transactions happen with Gold Coast property,” he said. “You have some of those properties that are now jumping into the million-dollar bracket.

“Properties on the waterfront at Mermaid Waters are a good example. Some of them, which would have transacted in the $800,000s and $900,000s a few years ago, would have slipped up into the million-dollar price range now.”

Mr Atherton said increased buyer demand had driven growth.

Ray White Broadbeach agent Troy Fitzgerald shared a smiliar view. He said buyers also had more confidence in the Gold Coast property market. “Houses that were priced under $1 million are now worth more than $1 million due to that growth,” he said.

“There are certain pockets along the coastline – from Mermaid Beach right through to Palm Beach that were under $1 million, but because of their location and vicinity to the beach, they have had some good growth.”

Mr Fitzgerald is marketing 176 Dunlin Drive, Burleigh Waters at $1.25 million.

The waterfront four-bedroom house is on a 703sq m block in Burleigh Cove.

Burleigh Waters has experienced a 30 per cent increase over the past three years.