Four of Queensland’s 10 top performing regional suburbs for dwelling prices over the year to November can be found on the Gold Coast, according to CoreLogic data.
The north of the ‘glitter strip’ took out the crown, with values soaring nearly 12% to a median of $834,131.
Meanwhile, values in Nerang, Southport, and Surfers Paradise shot up 11.4%, 11.1%, and 10.1% respectively.
And the future still looks bright, according to Ray White Surfers Paradise CEO Andrew Bell.
He believes house prices will continue to rise on the Gold Coast in 2024.
“The underlying factor that drives real estate is supply and demand,” Mr Bell told Savings.com.au.
“If demand is greater than supply, then property prices will hold firm.”
He notes that stock of properties on the market in the Gold Coast is still around 30% lower than normal.
Meanwhile, more and more people are picking up to move from regional Queensland, as well as NSW and Victoria.
Despite that, investors seemingly aren’t flocking to the Gold Coast.
“There's been a hesitancy amongst investors to buy, and I don’t understand why,” Mr Bell said.
“In my 50-odd years in the industry, I have never seen landlords get better returns than they're getting now.
“I think there's a lot of people are missing great investment opportunities in the marketplace, probably the best investment opportunities we've seen in 50-plus years.”
So, where exactly do such opportunities lie?
We asked experts for their tips on which Gold Coast suburbs are worth watching in 2024. Here are their answers.
Median price data sourced via Realestate.com.au and is accurate as at December 2023.
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Southport, 4215
Mr Bell told Savings.com.au that beachfront suburbs such as Mermaid Beach and Broadbeach Waters have been the beneficiaries of a push from buyers to live as near to the ocean and population centres as possible.
“But there are other areas that shoulder those that haven't yet seen the kick in values,” he said.
His top pick for such an area is Southport.
“Southport is our CBD,” Mr Bell said.
“It and its surrounding areas have not been highly desirable in the past.
“But it’s affordable, with smaller blocks, and demand has really picked up because of the convenience of the location, nearby employment opportunities.”
He notes the area typically offers older homes, many of which are in need of renovation.
- Median price: $920,000 for houses, $555,000 for units
- Median weekly rent: $750 for houses, $590 for units
Upper Coomera, 4209
Located on the northern end of the Gold Coast, Upper Coomera allows for commuting to and from Brisbane, according to PRD chief economist Diaswati Mardiasmo.
“It’s a family friendly suburb with lots of great amenities,” she said.
“[The suburb is] considered to be quite affordable for both houses and units.
It is also home to many new townhouse developments, providing more opportunities for first home buyers.
Such buyers might be able to realise Queensland’s newly-doubled first home owner grant.
Upper Coomera offers one of the greatest affordability-to-liveability ratios of any Gold Coast suburb for both houses and units.
That’s according to PRD’s latest Affordable and Liveable Property Guide, which considers, among many things, an area’s median price, investment potential, future developments, and crime rate.
- Median price: $800,000 for houses, $581,000 for units
- Median weekly rent: $680 for houses, $615 for units
Ashmore, 4214
Mr Bell’s second pick for suburbs to watch in 2024 is Ashmore.
“Ashmore was a bit of a sleeper,” he said.
“The area offers good sized blocks and is still a central suburb.
“It's not far from suburbs like Broadbeach Waters and Sorento, which have seen enormous growth in values.
“It's an older suburb. A lot of homes were built in the 1970s, and they're approaching time for either major renovations or demolition and the construction of new homes.”
- Median price: $930,000 for houses, $573,000 for units
- Median weekly rent: $800 for houses, $582 for units
Nerang, 4211
If you’re a first home buyer looking for a family-friendly suburb to put down roots, Nerang might be the place for you, says Dr Mardiasmo.
“Nerang is home to cute cafes, craft breweries, modern shops, and some of the best live music venues on the ‘Coast,” she said.
“It still has a more affordable price tag compared to other suburbs on the Gold Coast, due it being inland.”
PRD declared Nerang houses to be in the top three suburbs for affordability and liveability on the Gold Coast in the second half of 2023.
- Median price: $800,000 for houses, $526,500 for units
- Median weekly rent: $700 for houses, $520 for units
Carrara, 4211
Just south of Nerang and Ashmore lies Mr Bell’s third pick for suburbs worth keeping an eye on in 2024: Carrara.
“It's an older area, once again, with slightly bigger blocks of land, but it's still reasonably close to the city,” he said.
Carrara is home to a number of major sporting venues, such as Heritage Bank Stadium and other facilities built for the 2018 Commonwealth Games.
- Median price: $925,000 for houses, $715,000 for units
- Median weekly rent: $800 for houses, $670 for units
Labrador, 4215
Looking for beach-side bliss without the price tag? Labrador might be one to consider in 2024, according to Dr Mardiasmo.
“Labrador is a coastal suburb, so quite close to sand and the beach,” she said.
“However, it is still more affordable than other beach locations such as Surfers Paradise and Burleigh Heads.
“It is often rated as one of the best Gold Coast suburbs for families due to it being close to many shopping centres, the hospital, and Griffith University.”
- Median price: $890,000 for houses, $570,000 for units
- Median weekly rent: $720 for houses, $560 for units
Biggera Waters, 4216
Finally, Biggera Waters could present a 2024 opportunity for would-be beach-goers.
“It really has no great identity,” Mr Bell said.
“It's kind of halfway between Southport and Runaway Bay.
“It was just a no man's suburb for a long time, but because of its location that's now becoming far more sought after.”
- Median price: $1,250,000 for houses, $595,000 for units
- Median weekly rent: $795 for houses, $625 for units
Image by Robert Lynch on Unsplash.
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