Cooly market runs hot
House prices rocket by 27pc in a year
A HOUSE in the surfside suburb of Coolangatta could now set you back more than $1 million, with a jaw-dropping 27 per cent hike making price increases there the highest on the Gold Coast.
The Real Estate Industry of Queensland (REIQ) Quarterly Market Monitor, released this week, reveals the top performing suburbs across the city, where housing prices across the board rose by 1.8 per cent over the year to March.
But at Coolangatta, the 27.2 per cent jump took the annual median sale price from $798,500 to $1.016 million.
The suburb also recorded the city’s second-highest growth over five years, with a 36.4 per cent increase.
Harcourts BMG agent Ash Witty, who closed a string of $1 million-plus sales in Coolangatta over the year, said capital city buyers were snapping up limited stock in the suburb.
“With around 500 residential houses in Coolangatta and less than 10 per cent of those on the market at any given time, the competition for each property is high,” he said. “Renovated houses are achieving more than $1 million and even older renovations are edging up there too.”
Tallebudgera Valley house prices were also a standout, with a 20.3 per cent rise taking the annual median sale from $1.02 million a year ago to $1.227 million.
The suburb recorded the city’s highest housing price growth over five years, with a whopping 61.4 per cent increase.
Other strong southern performers included Burleigh Waters, where house prices rose by 9.9 per cent over the year, and Currumbin, where prices rose 9.6 per cent.
The northern suburb of Hope Island recorded a 10.8 per cent increase, taking the median house sale there from $737,500 to $817,000.
Not far behind was Runaway Bay where an annual median sale of $1,052,500 represented a 9.9 per cent increase. Labrador house prices rose by 9.8 per cent over the year and 37 per cent over five years.