Buyers snap up northern Coast deals

PROPERTY sales in the Gold Coast’s northern suburbs are topping the charts across the city, according to new data.

However, it’s more difficult than ever to buy a house in the city’s most southern business centre or the Hinterland, with one suburb recording just a single sale.

Data compiled by the Real Estate Institute of Queensland (REIQ) show 97 houses sold in Upper Coomera in the final quarter of 2017.

That compares with Currumbin Valley and Coolangatta, in the city’s south, which recorded just one and two sales, respectively. Other low-sellers included Springbrook, Wongawollan, Nerang and Lower Beechmont.

REIQ’s John Newlands said the figures reflected the strong interest in the city’s northern suburbs.

“Affordability is what is driving the interest in Upper Coomera and you can see there is a lot going on up that way with new schools, the Coomera Town Centre and major roads being fixed up which were holding other developments back,” he said.

“It is a real growth area. On the other side the reason for Coolangatta recording so few sales would be a lack of supply.

“Coolangatta is a popular place for a number of reasons, including geography and proximity to the airport.”

According to the REIQ report, Upper Coomera was the highest-selling suburb of 2017, recording 469 sales at a median price of $490,000.

It was followed by Robina, Helensvale, Pacific Pines and Southport. All bar Robina had a median sale price below the local government area median price, making it more affordable and competitive.

The report noted the annual median price for a home on the Gold Coast was $615,000, up from $571,250 the previous year. However, these figures conflict with Corelogic data released last week which said the median value was $634,423.

“The Gold Coast property market has reached maturity and is performing very well,” the report said. “Demand is driven by a variety of buyers, including downsizers, investors and families relocating looking for work-life balance.”

According to the report the most affordable housing, priced at $450,000-$485,000, could be found in Coomera, Nerang, Jacobs Well, Ormeau and Coombabah.