June 16, 2021

The Gold Coast suburbs where property prices have surged

first_imgMermaid Beach is just one of the Gold Coast suburbs where property prices have surged in the past five years.HOMEOWNERS who bought property in Mermaid Beach, Helensvale, Currumbin Waters, Palm Beach or Burleigh Heads five years ago are sitting on a gold mine.Property prices in the five suburbs have skyrocketed over the period, with many more than doubling in value.Aaron Wilson, the co-owner of popular burger bar empire Ze Pickle, is one resident who has taken advantage of the exponential growth.He paid $515,000 for a Palm Beach house on Boodera Rd a decade ago as an investment with a grand plan to knock it down and build modern duplexes. Mr Wilson designed and built the duplexes with the help of Architect Shane Denman, of Shane Denman Architects, and builder Shane McLennan, of SDM Builder. What a pool!“We rented it out for a few years, moved in then did a renovation on it,” Mr Wilson said. “It was an original 1970s house.”It wasn’t until about a year ago that the home was knocked down and duplexes started going up.“I ended up selling one side of it to someone who had watched the build from the start.”Mr Wilson got $1.5 million for it — and is now living in the other with his family.Latest CoreLogic data shows the median price for a house has jumped 65 per cent over five years to $820,000.More from news02:37International architect Desmond Brooks selling luxury beach villa17 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoInside Mr Wilson’s home. Property prices at Palm Beach have jumped 65 per cent over the past five years.First National Real Estate agent Rhys Wildermoth said the market was reliant on interest rates so believed it would only slow if the Reserve Bank lifted them.“I don’t think it’s going to decline in the next 12 months,” he said.REIQ Gold Coast Zone chairman Andrew Henderson encouraged people to buy in suburbs surrounding those that had experienced massive growth as they were likely to be the next big performers — often because their prices appeared more affordable.“That’s where most of them get the benefits from, off the back of their neighbours doing well price wise,” Mr Henderson said.Top 5 growth suburbs over five years:* Mermaid Beach: Houses up 80.4 per cent $1,562,500.* Helensvale: Units up 72.3 per cent to $570,000.* Currumbin Waters: Units up 65.7 per cent to $464,000.* Palm Beach: Houses up 64.8 per cent to $820,000.* Burleigh Heads: Houses up 63.2 per cent to $832,500.center_img It has an industrial style.Apartment prices have soared 38 per cent in the same period from $320,500 to $442,750.Ray White Mermaid Beach agent Troy Dowker said Palm Beach wasn’t always a popular suburb — its reputation only started to improve when developers saw its potential and the cafe and restaurant scene exploded.“Then the demand for properties in that area with the perception changing … really created that momentum,” Mr Dowker said.He said it was impossible to predict whether the market would continue to grow but confidence was “at an all-time high”. Property prices at Mermaid Beach, Helensvale, Currumbin Waters, Palm Beach and Burleigh Heads have increased the most over the past five years.last_img

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