The Gold Coast’s Newest Million Dollar Suburbs
July 29 2022
Mermaid Beach on the Gold Coast is now officially Queensland’s most expensive residential real estate market following exceptional price growth over the past year, with a host of newcomers joining the city’s million-dollar club.
The median value of houses within the city’s hottest beachfront suburb – including the infamous Multi-Millionaires’ Row, otherwise known as Hedges Avenue – shot to $2,680,197, surpassing Sunshine Beach on the Sunshine Coast ($2,651,978).
CoreLogic’s annual Million Dollar Markets report reveals a record number of $1,000,000-plus homes changed hands across Australia in the year to May 2022. An additional 487 markets (450 house and 37 unit markets) joined the million-dollar club Australia-wide.
Queensland’s relative affordability and strong interstate migration saw the number of million-dollar markets more than double across Brisbane (up 139.2%) and regional Queensland (up 127.7%) compared to the same time last year.
Paradise Point – which includes Sovereign Islands and Ephraim Island – is the Gold Coast’s second most expensive residential real estate market with a median house price of $2,328,600 (up from $1,251,967 in May 2021).
The Gold Coast’s newest million-dollar housing suburbs are:
Southern: Reedy Creek ($1,331,351); Elanora ($1,241,649); Tugun ($1,327,321)
Central: Robina ($1,232,804); Varsity Lakes ($1,083,218); Carrara ($1,043,614); Ashmore ($1,048,378)
Northern: Arundel ($1,049,237); Helensvale ($1,073,850); Hollywell ($1,301,279); Biggera Waters ($1,173,450); Hope Island ($1,315,936)
Hinterland: Mudgeeraba ($1,155,471); Worongary ($1,163,469); Gaven ($1,207,325); Willow Vale ($1,081,194); Tamborine ($1,066,317)
Newly minted million-dollar unit markets include Hollywell $1,237,512 (up from $875,272 in May 2021); Main Beach $1,187,004 ($849,956); Coolangatta $1,010,591 ($817,970); and Paradise Point $1,004,252 ($751,850).
Market conditions continue to evolve in each Gold Coast suburb as we move through winter and prepare for the spring selling season. An accurate appraisal and a targeted marketing strategy provide homeowners with the confidence to make informed decisions regarding your property asset.
Reach out to Kollosche for hyperlocal expertise and trusted advice.