As the year comes to a close, and the months lead into the countdown to the 2018 Commonwealth Games, Gold Coast property is showing no signs of slowing in growth. With house prices in some suburbs jumping more than 30 per cent in the past year, residential investment opportunities are ripe across all areas of the Gold Coast.
According to The Gold Coast Bulletin, CoreLogic's latest statistics reveal the Gold Coast saw a 5.5 per cent increase in median house prices in the last year, contributing to the 16.1 per cent increase it has seen over five years.
Mermaid Beach saw the biggest spike in popularity, surging 33.5 per cent with a median house price now set at nearly $1.4million.
This massive boost was followed by Broadbeach Waters (24.8 per cent) and Springbrook (20.4 per cent). Tweed Heads, Hope Island and Tallebudgera also fared well and saw notables increases in median house prices.
So where are the best spots to invest?
"We will see similar migration to this year next year, coming through from interstate buyers. Buyers are willing to go to the northern corridor, Pimpama and Coomera, as it is still affordable. Burleigh Heads and Miami will also stand out as they are still affordable and offer beachside living," said REIQ Gold Coast zone chairman John Newlands.
"We're going to have a low-interest rate environment and there will be opportunities leading into the Commonwealth Games – I've also heard a few people say Coolangatta has picked up as there's good infrastructure and it's close to the airport."
Both Mermaid Beach and Miami are set to back up and be star performers in the coming year, as locals and interstate investors look to scoop up beachfront homes.
The central beachside suburbs recorded massive jumps in median prices, and Mermaid Beach topped the list.
Beachside suburbs offer fantastic lifestyle locations for residential investors to snap up. Mermaid Beach is particularly popular due to its solid residential status – property in the area offer the luxury of the beachside without towering buildings to compete against.
Although Inland suburbs didn't quite reach the heights of their beachside competitors, they still recorded significant increases. Bundall recorded an impressive 13.2 per cent in median house prices, with Gaven (9.9 per cent) and Carrara (9.2 per cent) showing equal success in the previous months.
The latest data from CoreLogic shows more than $11.5 billion in sales in the year ending July, with on average four units a day sold in Surfers Paradise alone.
Ray White Surfers Paradise Group CEO Andrew Bell says the high sales volumes of houses in the northern corridor reflected a growing desire for more affordable housing, while the ever-popular retail and dining upgrades in Surfers Paradise's only furthered its popularity.
"The market has been dormant for a long time so we expected to see robust activity this year – $10 billion in sales is certainly reflective of a lot more buying activity and an increase in property prices," Mr Bell said.
The Gold Coast Bulletin reports that more than $200million changes hands each week on the Gold Coast, with Upper Coomera and Helensvale offering the most popular options for affordable property investment opportunities – with 17 homes in the suburbs selling each week.
If you're looking at making an investment in the Gold Coast, there's no better time than the present. With exciting opportunities for both commercial and residential property investment, the real task is ensuring your bargain isn't snapped up before you have the chance. If you want to take the first step in securing a quality home and future investment, reach out to the team at Ray White Surfers Paradise today.