The value for money ‘burbs

TREE changers are snapping up acreage properties on the Gold Coast hinterland for a mere fraction per square metre of the huge sums paid to secure a pad in the city’s best-known beachfront suburbs.

The region’s cheapest suburb was rural Cedar Creek, where sprawling acreage properties in 2021 sold for a tiny median price of just $19 per sq m, data released by REA Group shows. Luscombe was next, with a median price of $20/sq m, then Austinville ($32), Alberton ($32), Guanaba ($34), and Clagiraba ($35).

Mermaid Beach remains 2021’s most expensive suburb, with buyers shelling out a median of $4536/sqm and lots averaging 405sqm, data released by REA Group shows.

The ritzy suburb is home to the Coast’s Millionaire’s Row, where last week’s $15.7m off-market sale of an oceanfront home at 127 Hedges Ave equated to a staggering $25,700/sq m for the 607sq m lot.

Main Beach property cost $4258/ sq m, followed by Surfers Paradise ($2921), Miami ($2273), Broadbeach ($2241) and Coolangatta ($2032).

Stone Real Estate agent Jason Savage said properties in the Cedar Creek area were attracting “absolutely massive interest”, with more than 200 people attending the first open home of a stunning property on 6405sq m at 507 Cedar Creek Rd.

The five-bedroom home with a parents’ retreat, two huge sheds, basketball court, custom-built cubby house and private deck at the creek overlooking a swimming hole was among Qld’s most viewed properties when it hit the market with an advertised price of low to mid-$900,000s.

Twenty offers were received following the first inspection and the home is under contract for $1.2m to a buyer relocating from Sydney.

“It was the weekend just before the lockdown and I had around eight groups who flew up from Sydney alone just for the open home,” Mr Savage said.

REA figures also showed Mermaid Beach recorded the biggest price growth, up $1,060/sq m since last year, followed by Broadbeach, up $502 to $2241/sq m.

Miami, Surfers Paradise, Burleigh Waters, and Palm Beach also posted growth of more than $400/sq m over the last 12 months.

Harcourts Coastal sales director Rob Forde said the huge interstate demand for luxury apartment living by the beach had fuelled price growth.

“The Gold Coast has probably been undervalued for some time when you look at markets down south in Victoria and NSW,” Mr Forde said.