Mel and Will Nye are renovating the home they bought in the middle of Covid buying frenzy. Prices in the suburb have continued to climb. Photo: Glenn Hampson
THE number of properties on the Gold Coast selling for seven-figure sums has almost doubled during Covid to surpass 5600.
Analysis of settled property sales in the 12 months to April shows that a total 5660 properties sold for $1m or more, compared to 3378 over the same period the previous year.
Of the more recent sales, 4336 changed hands for between $1m-$2m, 863 between $2m-$3m, 268 between $3m-$4m and 193 sold for $4m or more.
Mel and Will Nye: “We’re glad to have bought when we did.” Photo: Glenn Hampson
Surfers Paradise chalked up the highest number of sales between $1m and $2m, now viewed as the entry-level end of the market, with 285 properties changing hands.
It was followed by Palm Beach (209), Hope Island (197), Robina (184), and Mermaid Waters (177).
Mel and Will Nye, who managed to secure a home in Palm Beach during the height of the
buying frenzy last year, say they are glad they bought when they did as prices have risen even further in the past six months.
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8/3 Garfield Tce, Surfers Paradise, sold for $1.53m in Spetember through Tolemy Stevens of Harcourts Coastal.
Mrs Nye said the home in Third Ave, which they bought for $1.79m, would have cost them a lot more today.
“We knew where we wanted to buy and were able to find the perfect location. Now we are in the process of gutting the house and putting it through a renovation to make it our own,” she said.
“It’s great to see increasing values in our suburb and plenty of others. There seems to be a lot of demand right across the Gold Coast.
“We think we bought in at a good price and at the right time.”
Overall, Surfers Paradise had the highest number of sales in almost every $1m price bracket up to $10m, except for the $2m-$3m category, where Hope Island led the pack with 84, and the $7m-$8m bracket, where it was superseded by Mermaid Beach and Hope Island, which registered three and two sales respectively.
The biggest sale last year was in Surfers Paradise, where 41-45 The Promenade on the Isle of Capri sold for $26.88m through Amir Mian and Faith Liu at Amir Prestige. Photo: Glenn Hampson
Overall, a whopping 23 sales were made for $10m or more.
Jason Adcock, of Adcock Prestige, said the data sets highlighted how prices were rising across the board on the Coast.
“In the past, the property market has been a bit of a roller-coaster, plenty of peaks and troughs, but in the past two years prices have stabilised,” Mr Adcock said.
“Many of the suburbs chalking up significant multi-million dollar sales are not beachfront, but they are homes that offer buyers, particularly those from Sydney and Melbourne, more bang for their buck.”
With the Gold Coast population tipped to increase from 577,000 residents to more than one million people by 2041, demand for housing will be even stronger, according to Adcock
Dan and Essie Moloney of Adcock Prestige predict prices will continue to grow.
Prestige’s Dan and Essie Moloney, who cover the southern end of the Gold Coast.
“Property owners have fared very well in the past 12 months,” Mrs Moloney said.
“There is a big imbalance between demand and supply and that’s predicted to continue for the next three years, which will lead to further property price growth.”
Mr Moloney said the Coast was about to hit a prime selling period, with thousands of travellers visiting the region over Easter expected to return home with more than just sand between their toes.
Surfers Paradise clocked up 285 sales between $1m and $2m over the past 12 months more than any other suburb.
Despite the phenomenal growth, there are still some affordable pockets to invest in, according to property investment expert James Fitzgerald of Custodian.
“The lower end of the market – properties less than $1.5 million today – has experienced solid growth, but not as meteoric as the high end of the market and that’s where I see the value today for home buyers and investors alike,” Mr Fitzgerald said.
“Coomera and Pimpama, Nerang, Robina and Merrimac are my picks. These areas are experiencing a lot of infrastructure investment, which means plenty of jobs and amenity.”
TOP SUBURBS FOR $1m-$2m SALES
Surfers Paradise – 285
Palm Beach – 205
Hope Island – 197
Robina – 184
Mermaid Waters – 177
Burleigh Waters – 171
Broadbeach Waters – 145
Elanora – 142
Helensvale – 137
Burleighs Heads – 134
TOP SUBURBS FOR $10m+ SALES
Surfers Paradise – 5
Mermaid Beach – 4
Broadbeach Waters – 3
Paradise Point – 3
Carrara – 2
Currumbin – 2
Palm Beach – 1
Hope Island – 1
Southport – 1
Bilinga – 1Source: Adcock prestige
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