PHOTO: Gold Coast. FILE
The global health crisis has spawned a once-in-two-decade property boom along the south-east Queensland coast with median house prices soaring to record heights as buyers flee the nation’s capitals in search of a bit of beach bliss.
Key hotspots across the Sunshine Coast and Gold Coast have seen price hikes of up to 25 per cent, fuelled by low interest rates and the promise of a laidback lifestyle free of pandemic pain.
The two south-east Queensland coastal regions far outstripped Brisbane, with Surfers Paradise house prices rising a whopping 25.5 per cent over the past year to a median of $1.6 million, Domain’s House Price Report for the September quarter found.
House prices in the central Gold Coast suburb of Miami also surged by 21.8 per cent in the year leading up to September, bringing the median price to $835,000.
On the Sunshine Coast, it was buyer hotspot Sunshine Beach that stole the limelight after house prices rose a colossal 46.5 per cent over the past year to reach a record median of $1.8 million – almost double what it was five years ago.
Domain senior research analyst Nicola Powell said buyers were increasingly being attracted by south-east Queensland’s affordability and lifestyle and this was likely to be accelerated by the current health crisis.
She said prices in the region reached new highs with houses on the Gold Coast overall increasing 0.6 per cent over the quarter to $669,000 and Sunshine Coast houses increasing 1.6 per cent to $650,000.
“Gold Coast units increased 1.2 per cent and units on the Sunshine Coast held steady, both at $435,000. This is a high for units on the Sunshine Coast, while Gold Coast units are back to the peak of mid-2018,” Dr Powell said.
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