Bundall Is The Latest Million Dollar Suburb
What’s The Latest Gold Coast Million-Dollar Suburb?
BUNDALL is the latest suburb to join the elite million-dollar club on the Gold Coast, jumping to $1.055 million in the past 12 months.
CoreLogic data shows the 7.7 per cent increase over 124 house sales pushed the central suburb into the exclusive price threshold shared by Mermaid Beach, Main Beach, Broadbeach Waters, Clear Island Waters, Paradise Point and Surfers Paradise.
Bundall’s median house sale price is now $1.05 million.
As a whole, the Gold Coast also recorded a 7.7 per cent increase in median house sale prices of $630,000 while the median sale price of units increased by 4.2 per cent to $422,000.
Main Beach is still the region’s most expensive suburb, but recorded a slight drop from $1.605 million to $1.520 million over just 12 house sales.
Real estate agent Karen Stewart from McGrath Surfers Paradise, who has handled property sales in Bundall for the past 15 years, said the suburb had clawed back to triumph.
“Five years ago it was a really tough market, you had sellers that wanted to sell, but the market hadn’t caught up after the GFC,” Ms Stewart said.
“It improved slowly over the last three years but really it’s the past 12 months where it has surpassed.”
Ms Stewart reported a trend towards buyers snapping up then renovating or rebuilding older homes.
“It’s so quiet and you’re out of the more transient suburbs but in 10 minutes you can be in places like Surfers Paradise and Broadbeach,” she said.
“We’ve had a lot of interstate buyers, we’re finding a lot more sales are coming from out of town, but there still is a fifty-fifty ratio of local and visitor buyers.”
REIQ Gold Cost zone chairman John Newlands said Bundall’s swift rise was partly due to its size.
“Bundall touches a very wide area — it takes in the suburb of Bundall, Sorrento, properties near the racecourse, and then a large base of waterfront properties and that elevates the price point,” Mr Newlands said.
It comes as property prices continue to climb less than 100 days out from the Commonwealth Games, with Willowvale and Currumbin Valley sitting in the $900,000 median house sale price bracket.
Mr Newlands said lifestyle and location factors would help more suburbs crack the million-dollar mark in 2018.
”Mermaid Waters is one — all of those suburbs that are centrally located, only a minute’s drive to the beach, close to shopping centres, boutique places and spots for families to take the children,” Mr Newlands said.
Mermaid Waters was the third-highest moving suburb of 2017, recording a 17.2 per cent increase in median house prices to $881,000.
“It’s all about demand, we’re starting to see a return of interstate investors from Sydney and Melbourne, so it’s starting to surge forward with a greater population wanting a waterfront lifestyle,” Mr Newlands said.
According to Ms Stewart, Benowa Waters is also one to watch.
“Benowa Waters has had a massive increase over the past 12 months due to the school catchment area being tightened up,” Ms Stewart said.
Source: Gold Coast Bulletin 4 January 2018