Surfers Paradise houses reach million-dollar median value in latest figures
SURFERS Paradise has reclaimed the crown of the Gold Coast’s only million-dollar suburb.
According to CoreLogic RP Data the median value for houses on the glitter strip was $958,888 for the year to August, 2013.
Twelve months later that had improved by 5.4 per cent for a median of $1.01 million.
The most expensive house to sell in that period was 60 Admiralty Drive for $8.7 million and the cheapest was a house at 19 Genoa St, which dated back to 1970 and sold for $525,000.
Ray White Surfers Paradise boss Andrew Bell said greater activity at the top end of the market was feeding into the higher growth.
Mr Bell said the market, comprising enclaves Isle of Capri, Budds Beach, Paradise Waters, Chevron and Paradise Islands, was small and had a low turnover, which was a reason for the high demand.
“I would suggest price growth in Surfers Paradise over the past 12 months would be in the region of 10 per cent.”
John Natoli, of McGrath Estate Agents, said a shortage of stock and increased demand from interstate buyers was fuelling the resurgence of the Surfers Paradise market.
“We’re seeing interstate buyers come here understanding we offer great value,” he said.
“They are shopping harder than locals are doing while locals still have a fear the Gold Coast market is depressed and do not want to pay too much.”
Mr Natoli cited the sale of 93 Gibraltar Drive, Isle of Capri as an example of how the market had moved ahead.
He said when he and his colleague James Ledgerwood spoke to the owners around April they quoted a price of between $1.2 and $1.3 million based on comparative sales.
When the owners decided six months later to take it to auction they increased their quote to between $1.3 and $1.5 million with the property selling at auction for $1.45 million, $150,000 above the reserve.
Joel and Melanie Manning have purchased a house on the Isle of Capri after closely watching the market for two-and-a-half years.
Mr Manning said he noticed the market pick up during the first half of the year and jumped at the chance to buy the contemporary five-bedroom house when it came on the market.
“We bought the place two days after it came on the market,” he said.
“Had we not bought it then I highly suspect someone else would have bought it. There’s almost no stock out there and it goes just as quickly as it comes onto the market.”