Region-wide Spread of Top Performers
October 13 2023
Leading the pack on house price growth was the northern waterside suburb of Hollywell, where Core Logic data shows the median increased as much as 15.4 per cent over the past quarter.It was closely followed by Surfers Paradise where houses registered a 12.9 per cent rise, mostly fuelled by sales within the suburb’s well-heeled enclaves of Isle of Capri and Paradise Waters.
The $24,000,000 sale of a waterfront mega-mansion at 59 The Corso, Isle of Capri, by Kollosche, would have made a significant contribution to the lift in the wider median, and has set a solid precedent for future sales in the area.Broadbeach Waters was the top performing market for units across the quarter, with a median sale price of $875,000 representing a rise of 10.1 per cent. Units in Surfers Paradise, which make up the majority of the suburb’s housing stock, are also on the up with prices gaining 3 per cent in the past quarter.
A renovated sub-penthouse in the ‘Artique’ building at 2901/18 Enderley Avenue in Surfers Paradise was recently sold prior to auction by sales agents Darryl Bright and Ryan Ward for $1,650,000.
Agents Brad Coyne and Gareth Denning also sold a sub-penthouse, this time in the iconic Q1 building at 9 Hamilton Avenue, just off the Surfers Paradise esplanade, for $3,388,000. It attracted 41 enquiries across a 24-day campaign before being sold under the hammer.Rounding out the region’s top three price performers was the hinterland suburb of Guanaba, where house prices lifted 10.4 per cent in the third quarter of 2023. The result demonstrates that buyer demand for lifestyle properties remains strong across the entire region and not only within the traditionally popular beachfront suburbs.
*Source: Core Logic | Data covers three months to end of September 2023
Overall, the results saw Surfers Paradise join the $2,000,000 club, with median house prices for the quarter reaching an impressive $2,212,500. It was joined by Broadbeach Waters and Bundall, where median prices for the past quarter hit $2,114,000 and $2,012,500 respectively.Traditional favourite Mermaid Beach ranked fourth, slipping out of the club in the past quarter with a median of $1,950,000, yet the beachside suburb remains top of the tree across 12 months to the end of Q3, with a median price of $2,575,000, according to CoreLogic. Buyer activity is expected to ramp up across the holiday period. Reach out to a specialist Kollosche agent today to find out how you can capitalise on a return of market confidence.