Games good as gold

“Million-dollar” medals have been won in the suburbs after the Commonwealth Games

THE Gold Coast property market has been described as one of the “big winners” from the 2018 Commonwealth Games.

New data released by the Real Estate Institute of Queensland shows median house prices on the Glitter Strip are $35,000 more on the same time last year.

REIQ’s Quseensland Market Monitor for March said the strong population growth came on the back of infrastructure projects such as the $550 million Gold Coast Health and Knowledge Precinct and M1 upgrades.

“The house and unit sales markets continued performing well and in positive territory for the year to March 2018,” the report states.

“The forecast for the remaining of 2018 is a bit more conservative. We expect house prices will show an upward path in 2018, however this growth will most likely be more moderate.”

The report found the number of milliondollar suburbs increased from five to six with Paradise Point returning to the list.

Suburbs that are part of the million-dollar club include Mermaid Beach, Surfers Paradise, Broadbeach Waters, Clear Island Waters and Paradise Point.

The fastest-selling suburbs on the Coast included Worongary, Merrimac, Highland Park, Mudgeeraba and Carrara.

REIQ Gold Coast zone chairman Andrew Henderson said he expected interstate migration to continue to benefit the city.

“I expect the market to remain strong,” he said. “There is a heavy amount of interstate buyers moving here.

“I was at an auction recently where the winning bidder was from Sydney and the underbidder was from Melbourne.”

Mr Henderson said growing employment opportunities were also attracting homebuyers to the city.

The report also revealed the rental vacancy held tight throughout the first quarter of the year at 1.1 per cent.

The Coast property market is one of the “big winners” from the 2018 Commonwealth Games.