Hinterland topping market
GOLD Coast Hinterland suburbs outperformed the million-dollar beachfront belt to notch up the city’s biggest hike in house values last quarter.
Affordability and the draw of a peaceful lifestyle saw homebuyers push up demand in the city’s green fringe, with Lower Beechmont the Coast’s top-performing suburb.
Latest Corelogic data shows median house prices in the mountain township were up 14 per cent to $751,846 in the three months to December 2021.
The acreage suburb of Maudsland came in second place, with house values up 13 per cent to $852,590 over the quarter, while in Tamborine the median price rose by 12.6 per cent to $910,890, the data shows.
The outstanding Hinterland housing trend continued with Springbrook (+12.4 per cent); Canungra (+12.3 per cent); and Tamborine Mountain (+12.1 per cent) all also performing admirably.
The Coast’s next top markets were Yatala in the north, then Palm Beach on the southern beaches, with Clear Island Waters and Elanora rounding out the quarter’s top 10 local suburbs.
Corelogic head of research Eliza Owens said the Gold Coast market had remained strong through to year-end, defying early signs of a downswing as seen in other Queensland regions, such as Bowen and South Townsville.
“Suburb level analysis of the Queensland property market shows that just 3 per cent of markets analysed experienced a fall in value over the December quarter, reflecting the strength in housing markets across the Sunshine State more broadly,” Ms Owens said.
Real Estate Institute of Queensland Gold Coast Zone chair Andrew Henderson said the Hinterland had experienced strong growth as lifestyle-oriented buyers were priced out of acreage suburbs closer to the beach, such as Currumbin Valley and Tallebudgera.
“The median price in these locations does represent extremely good value for money, which has given those looking for that tree change the opportunity to purchase, so we have seen more buyers discover these areas that have been a little less on the radar,” Mr Henderson said.
“Affordability and also technology have probably been two of the main drivers, as you can still find pockets with a good amount of growth if you are not so restricted in your search, and of course with more people now being able to work remotely you can attain that little bit of home retreat without having to commute long distances each day to an office.”
Lower Beechmont property specialist Michael Elliss, of Harcourts, lives in the area and handled a number of record-breaking local sales in 2021, to buyers from interstate as well as families relocating from other parts of the city.
Mr Elliss said Lower Beechmont was only around 15 minutes’ drive to Nerang, but residents enjoyed larger blocks and a seasonal climate with mountain breezes.
“Buyers who have been looking around Nerang or Carrara are finding prices have gone up, then they come to Lower Beechmont and find it is actually not that far away from the city,” he said.
Closer to the motorway, Maudsland had also experienced, “substantial movement” over the quarter, said Patrick Conley, of LJ Hooker.
“I think the pressure from the borders opening definitely pushed a lot of local buyers to make those big decisions about where they wanted to spend Christmas and the New Year, and then once the borders opened there was another impetus from those southern buyers,” he said.