Gold Coast property prices growing faster than those in Brisbane and Sydney

first_imgHarcourts Coastal director Dane Atherton said the Gold Coast was transforming into a “mature city”. Photo: Jerad WilliamsMore from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North6 hours ago02:37International architect Desmond Brooks selling luxury beach villa1 day agoHarcourts Coastal director Dane Atherton predicted the Gold Coast’s property growth to continue.“Generally speaking the Gold Coast’s sharp increase is levelling but we are still going at a better rate than Sydney and Melbourne,” he said. “I don’t think we’re going to have as sharp growth as in last couple of years but I think we will still see single digits. It will be slow and steady and that’s a good thing, it’s what you want.”He said the Gold Coast was transforming into a “mature city”, which rising property prices reflected.“We’ve always had the numbers as we were predominantly a holiday destination but we are growing as a city in depth and size, and while our prices may not ever exceed a massive city, they will get closer,” he said. “I don’t think values will ever overtake Sydney or Melbourne but the gap will start to decrease.” Gold Coast property values are soaringGOLD Coast property values are climbing twice as fast as those in Brisbane and Sydney, new data reveals.CoreLogic data released yesterday shows the Gold Coast median house price rose a staggering 7.9 per cent in the 12 months to March to a record $615,000.Unit prices on the Glitter Strip are also up 5.5 per cent on the same period to $406,000.The figures tower Brisbane’s growth (3.5 per cent) and are almost double Sydney’s growth (4.1 per cent). Gold Coast median house price rose a staggering 7.9 per cent in the 12 months to March to a record $615,000.The only capital city in front of the Coast was Melbourne with an 8.3 per cent increase.CoreLogic research analyst Cameron Kusher said the Gold Coast was experiencing more rapid growth than Brisbane.“It seems as though much of the demand across these regions is coming from an acceleration in internal migration to Queensland, and where buyers from Sydney and Melbourne are using substantial equity earned to secure lifestyle properties in the state,” he said.Across the remainder of the state, growth was mild and some regions even experienced falling values.On the Gold Coast, the standout suburbs were Broadbeach Waters, Bilinga, Clear Island Waters and Currumbin Valley where median house prices jumped by more than 20 per cent over the past year.center_img MEDIAN HOUSE PRICE, CHANGE IN MEDIAN OVER THE PAST 12 MONTHSSource: CoreLogic, all data is to March, 2017*Gold Coast, $615,000, 7.9 per cent*Brisbane, $517,500, 3.5 per cent*Sydney, $929,000, 4.1 per cent*Melbourne, $650,000, 8.3 per cent*Adelaide, $442,000, 4 per cent*Perth, $519,500, -0.1 per centlast_img

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