A String of Newcomers Join the Million Dollar Club

25 Jun 2021 |

From knockdowns to renovators, anything priced under one million dollars is now considered a bargain in many Gold Coast markets. Even the city’s premium beachside strip – Hedges Avenue, Mermaid Beach – long ago dubbed Millionaires’ Row has been recoined Multi-Millionaires’ Row. 

CoreLogic’s inaugural Million Dollar Markets report, released this month, has identified 218 suburbs Australia-wide where median house values reached the million-dollar-mark in the year to May 2021.

Queensland is the only state where the combined regionals have a similar number of million dollar suburbs to its capital city. There are 51 suburbs across Brisbane with a median house value of at least $1 million, compared to 46 house and unit markets across regional Queensland, driven by the popularity of the Sunshine Coast and Gold Coast.

Mermaid Beach remains the most expensive house market on the Gold Coast, with a current median value of $1,660,207, up from $1,468,355 a year ago. As a point of comparison, Teneriffe in Brisbane has the state’s highest median house price at $2,063,937 followed by Sunshine Beach, Sunshine Coast where a house will set you back $1,924,577 on average.

A surge in house price growth across the Gold Coast in the past 12 months has heralded a string of newcomers to the million-dollar house price club, including:

SuburbMay 2021 May 2020
Palm Beach$1,269,413$933,979
Burleigh Heads$1,246,953$895,519
Tallebudgera$1,239,581$989,282
Burleigh Waters $1,176,607$900,441
Miami$1,140,520$835,691
Tallai$1,130,863$905,918
Coolangatta$1,126,088$841,316
Benowa$1,078,248$892,731
Bonogin$1,064,603$878,660
Currumbin Waters$1,019,576$744,210
Mount Nathan$1,007,851$804,956
*Source: CoreLogic

This list reflects insatiable demand for beachside and inner-city acreage real estate in the months since COVID, with so-called bridesmaid suburbs such as Burleigh Waters and Currumbin Waters also achieving impressive price growth.

Over the border in NSW, regional house prices are highest in Byron Bay where the median now sits at a stunning $2,343,546 (up from $1,326,378 a year ago), followed by Myocum $2,150,045; Federal $1,999,737; and Suffolk Park $1,951,204.

New additions to the Northern NSW million-dollar-club include:

SuburbMay 2021May 2020
Lennox Head$1,402,024$990,798
Skennars Head$1,380,988$920,552
Brunswick Heads$1,210,418$883,694
Ocean Shores$1,194,945$822,370
Mullumbimby$1,122,870$726,392
Pottsville$1,074,978$819,880
Bogangar$1,047,300$753,817
East Ballina$1,012,304$692,908
*Source: CoreLogic

The trend towards regional lifestyle real estate is set to continue as we move through winter and navigate the ever-present threat of COVID outbreaks and restrictions.

With Kollosche agents working closely with homeowners and active buyers from Sovereign Islands to Byron Bay, our team is well placed to advise and assist in these dynamic markets.

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