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Market Report: QLD real estate update, October 2018

October 14, 2018

Real estate markets on Queensland famous Gold Coast holiday strip have enjoyed strong starts to spring.

Bill Rex, Co-Principal of Raine & Horne Broadbeach explains, “Markets such as Broadbeach, Mermaid Beach, Burleigh, and Miami are holding firm.

“We haven’t had the same level of growth as the southern states have achieved, so there is still upside to these markets.”

Cashed up southern state downsizers are leading the charge for coastal Gold Coast property, notes Bill. “Demand from southern state buyers is at the highest levels we’ve ever seen.

“Despite softening values in Sydney and Melbourne, ageing baby boomers from those capitals still have significant equity when they sell their former family homes and shift north to the Gold Coast for lifestyle reasons.”

Broadbeach and Mermaid are attracting downsizers because the suburb offers bigger apartments than nearby Surfers Paradise. “Surfers is more geared to the short-term holiday accommodation, which is reflected in smaller apartment sizes that are closer to an average of 98 square metres,” said Anthony Steinberg, Licensed Real Estate Agent & Auctioneer, Raine & Horne Broadbeach. “In Broadbeach and Mermaid Beach apartments cater to long-term accommodation and therefore average around 130 square metres. The price for a Broadbeach apartment ranges from $420,000 -$450,000.”

Despite the steady nature of the Broadbeach market, there have been some exceptional recent record sales. In Mermaid Beach, Anthony achieved the highest price for an unrenovated 1950s beachside property of $1.825 million. “The sale of the perfectly positioned 6 Francis Street, Mermaid Beach represents the highest price for this class of property over the past three months,” says Anthony.