Only got $1 million? Then say goodbye to the beach
According to local valuers, Gold Coast property buyers with only $1 million to spend should abandon the dream of purchasing a home near the beach on the Gold Coast.
Property buyers with $1 million to spend should abandon the dream of purchasing a home near the beach on the Gold Coast, according to a valuer.
Sam Gray, Associate Director of Herron Todd White Gold Coast, states that the days of buying a home near the beach on the Gold Coast for $1 million are now in the past.
“The median house price reached around $1 million earlier this year,” Mr Gray noted in HTW’s July “Month in Review” report. “The data suggests that buying options at this price level in beachside suburbs are few and far between for freestanding homes.”
Mr Gray suggests that buyers with this budget should consider looking further inland, where there are more opportunities to secure a property and better prospects for value for money.
He highlighted Coomera and Pimpama as among the top five most in-demand coastal suburbs in Queensland, based on average enquiries per listing data from realestate.com.au. Both suburbs, located between Brisbane and the Gold Coast, offer urban convenience and budget-friendly modern housing options.
“The current median house prices for these suburbs are $860,000 and $745,000, respectively,” said Mr Gray. “This represents a 15.4 per cent increase in Coomera and a 9.2 per cent rise in Pimpama over the past twelve months.”
Mr Gray attributed the market’s “robustness” to a critical shortage of supply, growing buyer numbers, and strong population growth. “Sellers still hold the upper hand in negotiations, and buyers often have to make compromises to secure a property,” he said. “Due to the limited supply, even properties with less desirable attributes, such as poor presentation or proximity to busy roads or power lines, are receiving reasonable attention.”
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