With lockdowns aplenty in 2021, transactions on the Gold Coast surged as many city siders packed their bags and headed for a coastal sanctuary.
Research by Domain reinforced the tree change trend that has been dominating the housing market over the past year.
In 2021, the Surfers Paradise unit market had the largest volume of property transactions in the year to June, at 2,325, with nearby Southport (984) and Broadbeach (859) also landing in the top 20.
When you compare property prices to averages in Sydney (median of almost $1.5 million) it's no surprise many cashed in on the Gold Coast boom.
As we turn out attention to 2022, we asked the experts for their top picks for suburbs which could see major growth in the coming year.
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- Ashmore and Molendinar
- Labrador and Biggera Waters
- Hope Island
- Coomera and Upper Coomera
- Coolangatta and Currumbin
- Surfers Paradise
Median price data sourced via Realestate.com.au and is accurate as at November 2021.
Ashmore and Molendinar
CEO of Ray White Surfers Paradise Andrew Bell told Savings.com.au the Gold Coast has plenty of growth still to come in 2022, and he expects a “cascade effect” from the boom seen in Southport and Surfers Paradise.
"There's a lot of speculation now that the market may be at its highest point in this cycle," Mr Bell said.
“And we certainly would expect, and I think it'd be very healthy, for there to be an easing back on the ferocity of the market.
“So we're anticipating that will happen and then I think we'll probably fare a little better, because we've got this unique feature of enormous amounts of migration that's still occurring here on the coast.”
Mr Bell said whenever any particular suburb picks up and prices rise accordingly, people tend to look at the adjoining suburbs.
“So what I look for when picking markets that are going to rise, I look to those surrounding suburbs of a market that’s peaked, markets like Ashmore and Molendinar that are both associated with the Southport area.”
Median price - Ashmore: $800,000 for houses, $455,000 for units.
Median rent - Ashmore: $625 p/w for houses, $470 p/w for units.
Median price - Molendinar: $737,000 for houses, $385,000 for units.
Median rent - Molendinar: $695 p/w for houses, $420 p/w for units.
Labrador and Biggera Waters
Mr Bell also says Labrador and Biggera Waters are set to benefit from the recent boom in the Southport area.
“Because Southport has really started to blossom, whatever housing was in there really got a kick on,” he said.
“Southport had the seventh largest volume of sales in the country last year.”
“So because Labrador and Biggera Waters are central, and near the ocean, and between the central suburbs of Surfers and the Northern suburbs, their property prices I think are set for a bigger boost.”
Median price - Labrador: $660,000 for houses, $430,000 for units.
Median rent - Labrador: $460 p/w for houses, $440 p/w for units.
Median price - Biggera Waters: $877,500 for houses, $440,000 for units.
Median rent - Biggera Waters: $650 p/w for houses, $500 p/w for units.
Mr Bell said Hope Island still hasn’t seen the big pickup it should have, despite its proximity to the water.
“Last year places like Palm Beach saw big rises because of how close you can get to the water.”
He expects the combination of central location and proximity to the ocean to push prices in Hope Island up in the next 12 months.
Median price - Hope Island: $1,108,750 for houses, $585,000 for units.
Median rent - Hope Island: $795 p/w for houses, $570 p/w for units.
Dr Diaswati Mardiasmo, Chief Economist at PRD Real Estate, reinforced that parts of the Gold Coast have a more affordable price point than Brisbane, thus many chose to live in northern Gold Coast (for a lower price) and commute to Brisbane.
“Many of the new housing supply can be found in the Gold Coast, therefore it has opened up a lot of possibilities for young families to access a new home at a lower price point,” she told Savings.com.au.
“Situated in the western side of Gold Coast metro alongside Nerang river, Nerang is a friendly family suburb that offers great coastal lifestyle.
“The suburb is located within close proximity to public transport, shopping centres (Nerang Shopping centre), schools and medical centres (Gold Coast university Hospital). A total of $26.4M worth of projects are being spent in the area.”
Median price - Nerang: $655,575 for houses, $383,000 for units.
Median rent - Nerang: $540 p/w for houses, $400 p/w for units.
Coomera and Upper Coomera
Dr Diaswati said a total of $191.7M worth of projects is being spent in the Coomera area.
“This will help create further business, improve productivity in the area whilst creating employment opportunities that will benefit the local economy,” she said.
“Coomera offers a great family lifestyle with close proximity to public transport, shopping centres (Coomera Westfield Shopping centre) schools (Upper Coomera State College), medical centres and parks.”
Median price - Coomera: $620,000 for houses, $363,000 for units.
Median rent - Coomera: $500 p/w for houses, $420 p/w for units.
Median price - Upper Coomera: $620,000 for houses, $425,000 for units.
Median rent - Upper Coomera: $520 p/w for houses, $438 p/w for units.
Coolangatta and Currumbin
Justin Schmith, Selling Principal & Director of boutique Real Estate Agency Schmith Estate Agents, told Savings.com.au there is still more growth to come further south on the Gold Coast.
“I think especially Currumbin South, free standing property, still has a little bit more growth to catch up to places like Burleigh,” he said.
“I feel like Coolangatta, Tugun, Currumbin still have a lot more growth to go to catch up to their northern counterparts.
“The lifestyle further south is a leafy, more family friendly demographic.”
Median price - Currumbin: $1,450,000 for houses, $779,000 for units.
Median rent - Currumbin: $790 p/w for houses, $600 p/w for units.
Median price - Coolangatta: $1,440,000 for houses, $750,000 for units.
Median rent - Coolangatta: $700 p/w for houses, $500 p/w for units.
Mr Schmith also said Mudgeeraba has taken off in 2021, and he expects it to continue growing in 2022.
Mudgeeraba sits just inland of popular Burleigh, 20 minutes south of Surfers Paradise.
“Mudgereeba is going through the roof, it’s amazing to see what’s happening there, and I would continue to put that down as a place to grow.”
Median price - Mudgeeraba: $885, 500 for houses, $517,500 for units.
Median rent - Mudgeeraba: $650 p/w for houses, $500 p/w for units.
Katrina Keegan from Harcourts Surfers Paradise said Surfers Paradise’s growth has only just begun.
“I do believe that Surfers Paradise is still the most value for money, per square metre for beach side living,” she told Savings.com.au.
“I have yet to find another suburb that has that to offer for the prices that service paradise can offer.”
Ms Keegan said that when comparing to nearby Broadbeach, units in Surfers still present buyers with better value.
“I think that if we've really been kept propped up with the first homeowner market here and the baby boomers downsizing.
“But that hasn't been from the investors.
“We're really just scratching the surface here. Over the past 12 months, obviously, tourism has been lacking.
“The borders are going to be open, and the first place that everyone's gonna want to come to is Queensland.
“So I think that the next quarter, next two quarters, is just going to blow a lot of investors out of water, and they're gonna want to buy more. So it's definitely an area that hasn't yet seen its true potential.”
Median price - Surfers Paradise: $2,050,000 for houses, $450,000 for units.
Median rent - Surfers Paradise: $650 p/w for houses, $440 p/w for units.
Image by City of Gold Coast via Unsplash
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