Coast suburbs top list to crack a million

SAVVY Millennials facing some of the toughest conditions in generations stand to make millions by sinking their money into Gold Coast property.

New data from Proptrack has uncovered suburbs where Millennials — aged between 26 and 42 — should be looking to become millionaires inside a decade.

Proptrack economist Angus Moore said if trends of the last 10 years were repeated, homeowners could make $1m or more in capital gains given how median prices had doubled and even tripled in the highlighted areas.

Palm Beach led the gains for Queensland’s housing market, with median prices up 206 per cent from 2013 to $1.5m.

The data shows home values in the southern development hotspot would hit $4.592m in 10 years, if the same growth trajectory was repeated.

Six other local suburbs made the state’s list of top performers, including Burleigh Waters (up 187 per cent), Broadbeach Waters (183 per cent), Mermaid Waters (165 per cent), Currumbin Waters (160 per cent), Elanora (151 per cent), and Mudgeeraba (146 per cent).

“We’ve seen extremely quick growth in property prices, particularly in the last three years. To put it in context, 2021 was the third fastest year of growth in 140 years,” Mr Moore said.

While that was “probably unlikely” to be repeated nationwide any time soon, Mr Moore said “there are certainly places that will see strong growth in the next 10 years”.

Market analyst Pete Wargent, co-founder of Buyersbuyers, said it is possible for the average investor to become a million dollars richer within a decade through property.

“It depends on their circumstances, income, and borrowing capacity, but yes,” he said.