Despite eye-watering annual price growth of up to 50 per cent, the Gold Coast property dream remains alive for cash-strapped buyers, with homes close to the glitter strip and within the city’s thriving northern corridor still available for around half a million dollars.
They might be a few streets back from the beach and in need of a reno’, but apartments in Surfers Paradise or even the occasional four-bedroom house in Labrador can be nabbed for a bargain – with more than 40 suburbs still boasting a median below the city’s average.
Data from the latest Domain House Price Report, released in March, revealed unit and some house medians in 37 suburbs across the Gold Coast were less than $700,000, despite 21 suburbs, on the other end of the spectrum, soaring beyond a $1 million median.
This includes the painfully pricey patch of Mermaid Beach, where the house-price median leapt by 46.6 per cent over a year to an unprecedented $2.565 million.
Beyond the city’s star-studded hot spots making price growth headlines, the cheapest place in which to buy a home is the northern suburb of Coomera, the report revealed, where unit medians dropped by 3.5 per cent over the year to a feasible $360,000.
In Southport – just a stone’s throw from the city centre – unit medians are just $437,750, despite collecting a 12 per cent price hike over the same period.
Article source: www.domain.com.au