10 JOIN $1M CLUB

TEN new Gold Coast suburbs joined the $1m club for median house prices in the past 12 months. Palm Beach led the way, increasing $300,000.

Another jumped from $750,000 to seven figures.

ANOTHER 10 suburbs have cracked the city’s $1m club.

Palm Beach led the way with the median house price jumping from $933,979 to $1.269m in the past 12 months.

Other new entrants of the $1m club in 2021 were: Burleigh Heads (from $895,519 to $1.247m), Tallebudgera ($989,282 to $1.240m), Burleigh Waters ($900,441 to $1.177m), Miami ($835,691 to $1.141m), Tallai ($905,918 to $1.131m), Coolangatta ($841,316 to $1.126m), Benowa ($892,731 to $1.078m), Bonogin ($878,660 to $1.065m) and Currumbin Waters ($744,210 to $1.02m), CoreLogic’s Million Dollar Markets report shows.

Suburb records were smashed in three of those suburbs, including Palm Beach, where an interstate buyer splashed $6.1m on an original beach house on Jefferson Lane in an off-market deal handled by Ray White Tugun principal John Parkes.

CoreLogic’s head of research Eliza Owen said Queensland was the only state in which regional markets had around the same number of $1m suburbs as its capital city.

Coast builder Mitchell Purcell sold one of two new duplexes in Miami for $1.05m off-market six months ago, but has opted this time to go to auction, with the beachside suburb’s median price up from $835,691 to $1.141m.

The modern three-bedroom home at 1/47 Chainey Ave is marketed by Josh Willatt, of McGrath Palm Beach, and will go under the hammer on July 3.

“It is hard to put an exact dollar figure on this property with the market so unbelievable,” said Mr Purcell, director of Nextgen Design and Construction.

Realestate.com.au economist Cameron Kusher said residents moving from capital cities continued to boost growth in regional markets, coupled with relatively affordable housing.

The report analysed price growth in 61 Coast suburbs with more than 20 house sales over 12 months to May.