Million-Dollar Homes the New Norm
April 1 2022
Once considered a prestige purchase, owning a $1,000,000-plus property on the Gold Coast has fast become the new norm during a year of rapid property price growth.
House values on the Gold Coast jumped around 36% in the past 12 months, and unit prices about 27%. The city’s median house value now sits at $901,750.
The latest PropTrack data shows the Gold Coast welcomed 16 new million-dollar suburbs in the year to February, when Covid motivated a shift to larger homes and more space among trees or by the water.
The Gold Coast’s newest million-dollar median suburbs are:
Southern Gold Coast: Elanora $1,100,000; Currumbin Waters $1,125,000; Tugun $1,075,000.
Central Gold Coast: Burleigh Heads $1,300,000; Burleigh Waters $1,375,000; Reedy Creek $1,150,000; Miami $1,480,000
Northern Gold Coast: Hollywell $1,050,000; Hope Island $1,290,000;
Gold Coast Hinterland: Bonogin $1,300,000; Gaven $1,010,000; Mount Nathan $1,125,000; Clagiraba $1,208,000; Wongawallan $1,207,500; Yatala $1,077,500.
More than 1,100 suburbs around Australia now have a median house price in excess of $1,000,000. While half of Australia’s million-dollar suburbs are located in Sydney, Queensland’s million-dollar suburbs have more than doubled with 94 newcomers in the year to February.
Queensland’s million-dollar suburbs are shared across Brisbane and regional areas, mainly the commutable lifestyle hubs of the Sunshine Coast and Gold Coast.
Record Off-Market Sale
Occupying a 2,727m2 point position with 36m sandy beach frontage on 90 Savoy Drive, the mega sale price sets a new benchmark for canal front land in Broadbeach Waters.
Kollosche tapped into its network to secure a local buyer with plans to build on what is the largest land parcel within the tightly-held Florida Gardens precinct.
If we can assist you in any way this week, please do reach out for a conversation.