Coast suburbs where prices are still soaring

SIX Gold Coast suburbs are the shining lights in an otherwise dull market, recording double-digit growth to their median house price over the past year and bucking the softening market trend.

Beachside suburb Bilinga is the star property performer with its median house price soaring 46.3 per cent to $980,000, CoreLogic data to February shows. That’s a gain of more than $450,000 from just 14 sales. The suburb’s growth has slowed however, with its median recently hitting $1.3 million.

COAST PROPERTY STARS

Suburb Biggera Waters

Hope Island Tallai Growth in 12 months (%) Source: CoreLogic 11.5 Median house price $725,000 $972,500 $875,000

Biggera Waters’ median house price jumped 13.8 per cent to $725,000 after 70 sales and Jacobs Well notched 13.4 per cent growth to a $533,000 median from 37 sales.

Hope Island, Burleigh Heads and Tallai also added gains of more than 10 per cent to their house prices.

This compares to 0.8 per cent growth across Gold Coast houses overall.

Ray White Mermaid Beach agent Troy Dowker said Bilinga had escalated in value thanks to a handful of big beachside sales and now the election was over the momentum would pick up again.

“It’s the allure of that environment – it’s a pretty laid back, narrow corridor,” he said.

“We have a lot of people from the northern end, who have been living up there for a number of years, migrating south as they are attracted to that slower pace but still have easy access to all the infrastructure and amenities.”

Once again the Glitter Strip has trumped the Brisbane property market, coming out relatively unscathed in the broader market downturn.

Brisbane’s median house price overall jumped 2.9 per cent in the 12 months to February, while unit prices fell by 2.5 per cent.

Alex Phillis Real Estate director Alex Phillis said some Gold Coast pockets had been undervalued for a long time and now out-of-area buyers were seeing their worth.

“The international and national market have found out about Hope Island and also Tallai,” Mr Phillis said.

“Where else can you get the views you have in Tallai and a couple of acres for a couple of million dollars? “

Mr Phillis said he expected the next 12 months to be a positive time for Gold Coast real estate.

“From where they are coming from we are really good value real estate.”