A Gold Coast Hinterland suburb known for its equestrian estates has emerged as the dark horse of the property market, recording the city’s biggest quarterly surge in house prices.
Latest home value data by PropTrack shows prices in the semirural suburb of Mount Nathan jumped almost 12 per cent or $146,699 in the three months to December 2023, to a median of $1.4m.
Described by real estate agent Drew Slack-Smith as “the Hollywood Hills of the Gold Coast”, Mount Nathan is home to sprawling acreage properties, bed and breakfasts and family lifestyle compounds with all the bells and whistles – boardroom office included.
Hinterland markets took off through the pandemic, as homebuyers craved more space, while the rise of remote work meant employees were increasingly freed from their daily commute.
PropTrack economist Paul Ryan said both trends had become entrenched since, with affordability also a key factor pushing more buyers further from the CBD.
“Lifestyle regions continue to do well as buyers are still wanting more space for their family, the bigger backyard or the home office,” Mr Ryan said.
“These also tend to be relatively affordable regions that are perhaps further afield, and buyers are potentially having to compromise on location due to house price growth.
“But particularly for people breaking into the market now, these areas are more appealing and the trade-off in price or lifestyle is well worth a longer commute.”
Local acreage properties cater to equestrian enthusiasts
Stretching further north, Willow Vale, Ormeau, and Yatala were also among the Gold Coast’s top-performing house markets, each notching up quarterly gains of between 11 and 13 per cent.
Not all Hinterland markets took off, though, with prices in Canungra up just 0.42 per cent, and 1.37 per cent in Tamborine Mountain.
The most recent home to change hands in Mount Nathan was an acreage estate on Lookout Pl with a pool, spa and large shed which sold for $1.555m.
While increasingly scarce, vacant land is still available, too, with a 3,909 sqm parcel “surrounded by untouched bushland” snapped up last month for $525,000.
Marketing agent Phil Redford, of Elders, said the location was sought after for its relative seclusion, offering “the tranquillity of country life”, while still within 15 minutes’ drive of the town centres of Nerang and Oxenford. The land was located within an estate with access to town water and NBN connectivity.
Poorinda can accommodate up to 17 guests
Just 10 properties were listed for sale in Mount Nathan on www.realestate.com.au last week.
A standout is ‘Poorinda’ on Maudsland Rd, a luxury 3.85ha estate which has operated as an acreage retreat, providing accommodation for up to 17 guests across three residences.
Marketed by Mr Slack-Smith, of Scenic Road Properties – Canungra, the property’s features include a resort-style pool and al fresco entertaining areas along with a barn and stables plus fenced paddocks, dams and a round yard.
Source: www.realestate.com.au