Top Gold Coast suburbs

Top Gold Coast Suburbs where buyers are snapping up a holiday home!

“With people not being able to holiday abroad there has been a huge increase in people looking at where the most desirable places in Australia are, and the Gold Coast has consequently received a huge amount of interest,” Mr Forde said.

“It continues to be a good investment long term when you consider there is only so much of this world-class coastline that exists, so anywhere close to the beach or where there are bigger blocks of land is performing very well.”

Nerida Conisbee, chief economist for realestate.com.au, said with job cuts concentrated in the hospitality, tourism and education sectors, many people were channelling holiday savings into the property market instead.

“History has it that second homes during a recession become casualties. With less cash coming in, something has to give, and holiday home are often the first victims,” Ms Conisbee said.

“But this recession has been different, and many people haven’t had changes to their income. While the strength of the property market in regional Australia during the pandemic has been explained by both a lifestyle shift and the mining boom, anecdotally, the second home market also seems to be doing well.”

Other Gold Coast suburbs posting strong price growth through 2020 include Clear Island Waters, Hollywell, Hope Island and Broadbeach Waters, with popular Mermaid Waters and Currumbin rounding out the city’s top ten.

Andrew Henderson, Gold Coast zone chair of the Real Estate Institute of Queensland, said that while the city was now home to a wider demographic of people migrating from interstate, the largest sector of home buyers this year remained owner-occupiers.

GOLD COAST SUBURBS WITH STRONGEST PRICE GROWTH

Miami: median house price $910,000, 22.1% year on year growth

Palm Beach: median unit price $542,000, 16% growth

Jacobs Well: median house price $630,000, 15.6% growth

Paradise Point: median unit price $607,500, 14.4% growth

Clear Island Waters: median house price $1.25m, 13.6% growth

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Hollywell: median house price $780,000, 12.8% growth

Hope Island: median house price $950,000, 11.8% growth

Broadbeach Waters: median house price $1.295m, 10.9% growth

Mermaid Waters, median unit price $430,000, 10.8% growth

Currumbin, median unit price $544,500, 10% growth

“There has always been a well-worn path from Sydney and Melbourne with very good migration from the interstate capitals, and that may be stronger than ever due to the advances in technology which have allowed people to move here for the lifestyle, but continue to work from home without the need to commute to an office,” Mr Henderson said

“A lot of people are not spending on overseas holidays so they more to spend investment-wise, and where it has been more noticeable has been buyers purchasing without physically viewing the property.

“Plus they’re moving up here with a change in their pocket, as most times where they sell in Melbourne or Sydney they can buy something to a similar standard for a cheaper price,” he said.

He said areas such as Mermaid Waters, Broadbeach Waters and Burleigh Waters, all lying just behind the iconic beachfront suburbs, are the ones to watch, while Miami is a good value option to live the coastal dream without breaking the budget.

Nationwide, Byron Bay has continued its dominance as the holiday playground of the rich and famous, with properties values up more than 40 per cent to a median price of $1.83m – second in growth only to Pearl Beach on the NSW Central Coast.

The booming seaside enclave has drawn a number of recent celebrity sales, including a $4.9m transaction for a beachfront property in Suffolk Park, where actor Chris Hemsworth lived with his family during construction of their $20m Broken Head mansion.

Source: REA Group