Suburbs tipped to surge

Hollywell, Gaven rated among top spots in country for property growth

HOUSE hunters looking for a bargain buy that will increase in value over the next few years are being urged to consider the Gold Coast.

Two Coast suburbs are listed on property researcher RiskWise’s top 10 places across the country that are tipped to record solid capital growth.

Norlane and Lovely Banks in Victoria secured the first two spots, but the rest are in Queensland – headed by Hollywell.

Gaven also featured, ranking sixth.

RiskWise chief executive Doron Peleg said buying a bargain property did not necessarily mean buying a cheap one.

“It’s more about knowing where to buy for long-term capital gain,” Mr Peleg said.

“Sure, there are a lot of wellpriced houses out there but if they are not expected to grow in value down the track then they aren’t the best buy.”

Hollywell, a lifestyle suburb on the northern Gold Coast characterised by older-style houses ideal for renovations, has a median price of $786,614, according to CoreLogic data.

It has had capital growth of 13 per cent over the past year, 25 per cent over the past three years and 35 per cent over the past five years.

Harcourts Coastal agent Tim Zampech said its location made it a popular suburb.

“I think it’s because it’s the neighbour suburb to Paradise Point,” he said.

“Paradise Point has always been a really big hot spot ... Hollywell is the next best thing.”

He said it was a small area and there were only a few houses listed at any one time so people often did not know about the suburb until they started looking for property in the area.

“A lot of people don’t know it’s there,” he said.

He believed demand would increase as more people discovered it, increasing prices further.

Gaven has also seen strong growth on its median house price, which is $748,366.

It jumped 12 per cent over the past year, 24 per cent in three years and 28 over five years.

LJ Hooker Mudgeeraba agent John Fischer said the suburb offered mostly acreage properties with easy access to M1 and the Coast’s amenities.

“The position is very central to everything on the Gold Coast so I can see why it would be having good growth,” he said.

“I reckon prices probably will continue to grow. It’s very good value for money at the moment so it’s a good time to get in.”

AUSTRALIA’S TOP 10 BARGAIN SUBURBS

1. Norlane.

2. Lovely Banks.

3. Hollywell.

4. Mount Ommaney.

5. Sinnamon Park.

6. Gaven.

7. Doonan.

8. Gordon Park.

9. Stafford Heights.

10. Twin Waters. Source: RiskWise