Ageing and deteriorating homes are selling for millions in Southport

  • OLD and dilapidated homes are netting their owners millions of dollars as the ‘Southport ghetto’ transforms into streets of gold.

Average house sale prices in the CBD have nearly doubled, from $744,000 to $1.29 million, since it was declared a Priority Development Area in 2013.

Predominantly Australian developers, hungry to take advantage of reduced red tape, are buying the last remaining houses in the PDA zone, building modern highrises and marketing the area off the back of the light rail project.



5-77 Queen Street sold in 2015 – $2.6m split between multiple owners. Photo: David Clark

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