If you purchased a house in the Gold Coast Suburbs of Mermaid Beach, Coolangatta or Miami 20 years ago, you would be laughing today.
The latest figures from CoreLogic show houses prices in the three suburbs have shot up nearly fivefold in the past two decades.
The average price for a home in Mermaid Beach has jumped from $250,000 in 1996 to $1.2 million, up 480 per cent.
Check out the Top 10 Coast Suburb increases below
Coolangatta housing prices have increased from $162,250 to $756,000, and Miami $140,000 to $645,500.
The top 10 suburbs have all increased at least fourfold.
Alf Vockler has lived in Mermaid Beach for more than 30 years and doubled his money after buying a property on Hedges Ave for $660,000. He sold it in 2011 for $1.3 million.
“Mermaid Beach was not sought after in the early 90’s because it was just an old dirt road and everyone wanted to be in Surfers Paradise.”
Mr Vockler, president of the Mermaid Beach Association, bought another property on Hedges Ave in 2011 for $3.5 million.
“A lot of people who live at Mermaid Beach and especially on Hedges Ave are just sitting and holding on while others who are moving in are knocking down the old fibro beach shacks,” he said.
“Where better to live? The suburb has retained its sleepy village atmosphere despite having a wealthy market move in and create Millionaire’s Row.
“A lot of wealthy people have moved into the suburb and I would estimate that less than 50 per cent of locals from 1996 have stayed.
“I still see some familiar faces living in the area, names like Terry Jackman, Glen White, Mary Cummins, Max Beck and many more.”
REIQ Gold Coast chairman John Newlands said Mermaid Beach property prices increased after families realised its potential.
“It is known for its sleepy atmosphere which is now appealing to families that are interested in the lifestyle.
“There are nice homes, it is a safe place and the beaches are not congested.”
Mr Newlands said the suburb has become prime real estate because of a lack of availability.
“It is a mix of supply and demand there is only a narrow stretch of availability so the locals who have been living there for over 20 years are now in prime real estate.”
Top 10 suburbs to increase the most in price
2016 average sale price/ 1996 average sale price/ percentage jump in 20 years
1. Mermaid Beach — $1.211 million, $250,000 — 480 per cent
2. Coolangatta — $756,000, $162,250 — 465 per cent
3. Miami —— 645,500, $140,000 — 461 per cent
4. Paradise Point — $900,000, $195,000 — 461 per cent
5. Palm Beach –– $675,000, $148,000 — 456 per cent
6. Burleigh Waters — $687,500, $161,500 — 425 per cent
7. Currumbin — $780,000, $180,000 — 433 per cent
8. Burleigh Heads — $685,000, $161,500 — 424 per cent
9. Hope Island — $620,000, $145,000 — 427 per cent
10. Mermaid Waters — $760,000, $185,000 — 411 per cent
Original article published at wwwthegoldcoastbulletin.com.au by Hannah Sbeghen 11/6/16