PHOTO: The Broadbeach-Burleigh area on the Gold Coast has experienced a 38.2 per cent rise in property prices
Gold Coast property prices have surged since the start of the pandemic, following a decade of steady growth.
Property market pressure in the region is now some of the highest in the country, according to a new Market Pressure Review Report.
The data, released by InvestorKit, showed Broadbeach – Burleigh experienced the most significant growth, with property prices increasing 38.2 per cent from August 2020 to August 2021.
“Burleigh and surrounds have been undervalued for some time,” Ms McGufficke said.The findings come as no surprise to Burleigh-based sales principal Kylie McGufficke.
“Covid has impacted the way that businesses operate, and people no longer need to travel to cities to work, so they can live where they dreamt of retiring and still have a great work/life balance.”
Also driving growth is lifestyle and investment returns, she said.
“Strong capital growth and rental returns. Locals are realising their beloved backyard is the area that everyone wants to buy into and so do they.”
Ms McGufficke, who runs Real Estate by KYLIE, said she had personally observed increased rental prices and fast capital growth in the area.
“Buyers that purchased only 12 months ago are able to achieve a growth they would normally only see over a seven to 10-year period.”
The southern Gold Coast region of Coolangatta experienced the second highest growth rate, at 21 per cent, followed by Surfers Paradise at 18.9 per cent.
Analysing the 10-year trend between 2012 and 2021, the report found houses performed significantly better than units.
Median house prices in Broadbeach-Burleigh and Coolangatta grew 131 per cent and 102 per cent respectively over the decade, while unit prices in the same areas grew at the more conservative rates of 53 per cent and 86 per cent.
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