Price gap triggers new focus

THE glaring gap between house and unit prices in some of the state’s most sought-after postcodes continues to widen.

Owning a unit is now a far more attainable goal for firsthome buyers looking to purchase in lifestyle and coastal destinations.

But experts predict a spike in demand from outpriced entry-level buyers and investors alike will push up apartment prices in the Coast’s most desirable markets.

REA Group data shows Surfers Paradise had the biggest dollar difference between

house and unit prices in Queensland – $2.93m compared with $510,000 – a 475 per cent difference.

With a median price of $2.766m, houses in Mermaid Beach, home to the Coast’s multimillionaires’ row, were 286 per cent higher than units,

at $717,500. Herron Todd White’s Month in Review report found surging rents coupled with low interest rates had seen an increase of tenants motivated to make their move as buyers.

“It has become cheaper to buy into these suburban areas

than rent and consequently demand has exploded,” Herron Todd White director Marissa Griffin said.

Strong competition for apartments had, in turn, driven up entry-level prices, particularly in areas such as Mudgeeraba and Carrara.