Trams boost prices

Where the light rail goes, higher real estate prices tend to follow – and it’s tipped the latest extension plan will have a similar effect

REAL estate agents predict property prices in Mermaid Beach, Miami and Burleigh Heads will increase following the Broadbeach to Burleigh light rail extension plan announcement.

REIQ Gold Coast zone chairman John Newlands said it would be great news for southern Gold Coast homeowners.

“We could start to see a bit of movement (in prices) as people start to position themselves and plan for the future,” he said.

“A lot of locals might go up to Broadbeach for drinks and then catch the light rail back home. People with certainly use it – the light rail has been a roaring success already.”

Ray White Broadbeach agent Troy Fitzgerald shared a similar view.

“I think the light rail will make a huge difference and will fuel a lot more hype now that it’s officially approved,” he said. “It will be fantastic for the southern part of the Gold Coast.”

Home owners in the city’s north have already felt the effects of the second stage light rail construction with property prices increasing . The second stage will connect the existing light rail system at Southport to heavy rail at the Helensvale station.

Median prices are up 27 per cent in Parkwood in the past three years while in Helensvale prices were up 23 per cent.

Meanwhile, the biggest sale on the Coast this week was a Hope Island mansion that sold for $2.2 million. A Hamptons-inspired home in Benowa Waters came in second at $1.9 million while a Paradise Waters property that sold for $1.83 million rounded out the top three.

The Burleigh light rail extension plan is expected to create movement in property prices in Burleigh Heads.