Gold Coast home prices surge to new record high
The latest PropTrack Home Price Index, released Friday, reveals the median home price (houses and units) rose to $1.08m in July — up 2.4 per cent compared to three months ago.
Over the past 12 months, the Gold Coast has recorded home price growth of nine per cent.
Across regional Queensland, home prices were up 0.6 per cent over the month, hitting a new peak, and they have grown nearly 10 per cent in the past financial year.
Townsville was the state's strongest performer over the past 12 months, with its median home price climbing 16.7 per cent to $551,000, followed by Mackay at $557,000 (up 14.5 per cent).
Home prices in regional Queensland have almost doubled over the past five years, rising a whopping 90 per cent.
MORE: Shock as lenders slash rates to lowest level in 2 years off cycle
REA Group senior economist Anne Flaherty said home prices continued to rise across Queensland last month, despite the Reserve Bank's surprise decision to keep interest rates on hold in July.
'While the number of homes for sale has slowed over winter, buyer demand remains strong, with auction clearance rates sitting at the highest level in more than two years,' Ms Flaherty said.
'Home prices are expected to break into new territory later this year, with further interest rate cuts expected to add momentum to price growth.'
The biggest recorded sale on the Gold Coast in July was that of a penthouse sold off-the-plan for a staggering $19.5 million.
A Gold Coast businessman bought the full-floor apartment on Level 36 of the 38-level Royale Gold Coast building, still under construction.
Developer David Devine said the latest penthouse sale, which follows a $19.1m sale in the same building in May, demonstrated strong demand for premium beachfront developments on the Gold Coast.
'The Royale site is one of the most valuable beachfront parcels in the country, and our vision from the beginning was to create something of six-star international standard,' Mr Devine said.
Another big sale on the Gold Coast in July was that of a waterfront home at 315 Monaco St, Broadbeach Waters, which was marketed by Michael Kollosche of Kollosche and sold for $10.6m under the hammer.
Other notable sales during the month were a five-bedroom home at 74 Admiralty Dr, Paradise Waters, which fetched $6.6m, and a six-bedroom home at 139 Allambi Ave, Broadbeach Waters, which changed hands for $6.75m.
A report by InfoTrack found the highest number of unit sales in Queensland over the past quarter were in Surfers Paradise, followed by Southport and Hope Island, while the biggest share of house sales were in Ormeau and Pimpama.
InfoTrack's head of property Australia, Lee Bailie, said the fringe Gold Coast suburbs of Ormeau and Pimpama continued to attract buyers.
'Situated in the northern Gold Coast region, Ormeau's strategic location between Brisbane and the Gold Coast makes it an attractive choice for families, professionals, and investors,' Mr Bailie said.
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