GOLD Coast home values are continuing to climb, with the city recording the biggest growth in Queensland for the second year running.
The PRDnationwide Second Half 2016 Property Hotspots Report, out today, shows the Coast tops the list for highest annual growth in 2016 for houses and units, and is the only area to record an increase in median unit price.
Mermaid Beach retained top spot as the highest priced suburb with a median price of $1.625 million.
Surfers Paradise and Broadbeach Waters came in second and third and bumped Currumbin Valley out of the top three.
Chris and Jarrod Sidney have watched the property market for the past six months and this week settled on their Broadbeach Waters purchase.
The pair paid $1.045 million for the four-bedroom waterfront home after selling their Burleigh Waters property for $705,000.
“I think Mermaid Waters has had its (property) increases but Broadbeach Waters is starting to have its increase now,” Ms Sidney, 51, said.
“From August to November last year some house prices around Broadbeach Waters were going up $70,000 to $90,000.
“I see (property) prices on the Coast increasing depending on the building that goes on. The stages of building and project work that we can see will be here for at least another two to three years.”
PRDnationwide Burleigh Heads principal Mark Smith has been in the real estate industry for 40 years and said there currently wasn’t enough stock to satisfy the market.
“Anything that we list that’s reasonably optimistically priced is selling in a couple of days,” he said.
“There’s people waiting for the product to come on to the market. Demand is still exceeding supply and when demand exceeds supply, prices go up.”
Mr Smith said interstate buyers were driving the Coast’s market up.
“We’ve got the Commonwealth Games coming up and there’s plenty of infrastructure being built,” he said.
“People are wanting to move here for the lifestyle factor.
“Employment on the Coast is also up and there’s plenty of work for tradies.”
Top three highest priced suburbs
Mermaid Beach, $1.625 million
Surfers Paradise, $1.317 million
Broadbeach Waters, 1.1 million
Top three lowest priced suburbs
Nerang, $420,000
Jacobs Well, $435,000
Upper Coomera, $440,000
Source: PRDnationwide Second Half 2016 Property Hotspots Report
Originally Published: http://www.realestate.com.au/