MAIN Beach is back in vogue.
The median property price in the beachfront suburb surged 29.2 per cent to $1,437,500 in the past year, according to REA’s Property Outlook Report January 2019.
Nerida Conisbee, realestate.com.au chief economist, said it was a sign the Gold Coast had recovered from a post Commonwealth Games slump.
“Some suburbs in this area are doing particularly well, with Main Beach up almost 30 per cent over the past 12 months, while Currumbin is up over 13 per cent,” she said.
“A large volume of search activity on realestate.com.au suggests these price increases may be driven in part by Sydney money but also by the Gold Coast’s developing economy and relatively low levels of new development.”
She believed the Commonwealth Games was responsible for some of the growth.
“At the end of the Commonwealth Games, we did see a drop off in activity … but very quickly it’s turned around,” she said.
Ray White Prestige Gold Coast agent Robert Graham said Broadbeach had been “on top” for many years but Main Beach was catching up to reclaim its title.
“The resurgence by Main Beach was driven heavily by Brisbane, Sydney and Melbourne buyers identifying value for money,” he said.
“Restaurants are again full, coffee shops have line ups, there are Nippers at the Main Beach Surf Club in action — it’s an exciting suburb and it’s almost back to its statue as being the number one beachside suburb.”
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He said there was strong demand for both apartments and houses.
“There’s a growing trend in those luxury apartment buildings from people on the Gold Coast who identify those whole floor apartments as being great value,” he said.
“The western side of Tedder Ave, which is predominantly the housing component, is experiencing it’s lowest level of homes for sale in a long time.
“Properties don’t last as they’re in high demand and are of a limited supply.”
Lucy Cole Prestige Properties managing director Lucy Cole said high-end apartments or properties of limited supply were mostly pushing prices up.
“The stock is very light, especially for villas and that’s what’s been pushing the prices up,” she said.
“There’s been a few penthouse sales too.”
Magnificent Main Beach principal Bruce Wilson said new infrastructure, including the light rail station, attracted professionals who worked close by.
“The infrastructure is there to complement the village atmosphere,” he said.
“That’s the key to Main Beach — it’s got that village atmosphere and the main thing is you can walk anywhere.”
TOP 2018 MAIN BEACH SALES
4/3565 Main Beach Pde, Main Beach, $5.5 million
150/59 Pacific St, Main Beach, $5.3 million
71/3 Cunningham Ave, Main Beach, $4.4 million
28/3510 Main Beach Pde, Main Beach, $3.1 million
150/59 Pacific St, $5.3 million
2301/25 Breaker St, Main Beach, $3.05 million
103/3645 Main Beach Pde, Main Beach, $2.575 million
TOP 5 GROWTH SUBURBS (median price, growth)
Main Beach – $1,437,500 up 29.2 per cent
Gaven – $730,000 up 17.6 per cent
Currumbin – $850,000 up 13.3 per cent
Hollywell –$776,000 up 12.2 per cent
Lower Beechmont – $520,000 up 10.6 per cent