Shock suburb tops the list
A GOLD Coast suburb has recorded a surprising surge in property value during the past year, making it one of the top performing suburbs in Queensland.
Hollywell recorded 30.5 per cent capital growth in the 12 months to June, according to latest Real Estate Institute of Queensland research.
The northern suburb, which now has a median price of $810,000, claimed sixth place on a list of 68 Queensland suburbs that recorded double digit capital growth.
Property experts were surprised by the jump, saying it was a relatively small suburb with a low population.
However, Harcourts Coastal Broadbeach agent Tim Zampech, who owned a property in the area with his family, understood the appeal.
He said many people bought in the area because it was more affordable than neighbouring Runaway Bay and Paradise Point yet they still enjoyed those suburbs’ benefits.
“I think the reason it’s done so well is that it sits right between Runaway Bay and Paradise Point, which have both been very strong performing suburbs,” he said.
“Paradise Point is red hot all the time, Hollywell is the next
best thing because next door.
“I remember telling people about Hollywell 10 years ago and they’d say ‘where?’ No one even really knows about it.”
REIQ Gold Coast zone chairman Andrew Henderson backed Mr Zampech, saying the suburb was a “hidden gem”.
He said high prices paid for some of the suburb’s waterfront properties could also have bumped the figure up.
Professionals Vertullo Real Estate agent Steve Taber said the suburb offered house hunters much more affordable waterfront properties compared to its neighbours.
“The strong portion of the market is dry houses though, between $700,000 and $1 million,” he said. it’s right