Real estate: Gold Coast’s ‘forgotten suburbs’ booming
THE Gold Coast’s “forgotten suburbs” have emerged as top growth areas as homebuyers turn their attention towards the outskirts of the city.
Figures released today reveal the relatively quiet suburbs of Bilinga and Elanora were among the top five to record the highest yearly growth for houses in the 12 months to June, 2017.
It comes as buyers are pushed out of Palm Beach another high performing suburb that has recorded a massive 50 per cent jump in median house values over five years.
The latest CoreLogic Pain & Gain report showed the median house value in Bilinga the top performing suburb was $587,335, up almost 19 per cent over 12 months.
“Bilinga is one of those areas that sometimes gets forgotten,” DJ Stringer Property Services principal David Stringer said.
“You’ve got Tugun, Kirra and Coolangatta but Bilinga is the forgotten area.
“When you look at the beachside of Bilinga you’re only 100m from the beach. It’s all about the value for money for buyers.”
He said Bilinga’s location was proving popular with developers honing in on the suburb.
“There’s a lot of good parcels of land with the old vintage flats which are ripe for developers,” he said.
Guanaba, a semirural suburb west of Maudsland and Mount Nathan, recorded the second highest house growth on the Coast with a 15.9 per cent jump over 12 months.
Ray White Prestige Gold Coast agent Josh Thomas said the growth reflected some of the larger sales in the suburb.
“The growth comes down to the fact it was really unknown until there were some substantial marketing on some of the larger properties,” Mr Thomas said.
“I think that’s had a flow on effect on the suburb.
“It’s a beautiful part of the world and a lot of people are looking for that type of lifestyle they’ve got the privacy and the land to accompany it.”
Palm Beach (15.6 per cent rise), Elanora (15.4pc), Mermaid Beach (14.8pc), Tallebudgera Valley (14.3pc), Clear Island Waters (14.1pc), Lower Beechmont (14.0pc), Willow Vale (12.8pc) and Broadbeach Waters (12.7pc) rounded out the top 10.
The report reveals nine out of 10 Gold Coast vendors made a profit on sales in the June quarter, pocketing almost $520 million.
The median profit on the Gold Coast was $120,000 after holding a home for 7.9 years, $4000 up on the previous three months.
CoreLogic research analyst Cameron Kusher said the 2018 Commonwealth Games and resulting construction boom as well as a growing population attributed to the strong property market.
“We know values are rising on the Gold Coast and we know population growth is quite strong so I think it will continue to rise in line with population growth,” Mr Kusher said.
“Interstate migration is ramping up and a lot of new supply has been built over the years.” But what will happen after the Commonwealth Games ?
“If you continue to see population growth, it’s reasonable to expect values to continue to rise,” Mr Kusher said.
“It depends on migration and what happens to the stock including the Athlete’s Village, how quickly that comes on to the market.”
Source : https://www.realestate.com.au/news/real-estate-gold-coasts-forgotten-suburbs-booming/