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Hottest of the hot: The suburbs near you that have risen by nearly 90 per cent in five years
Posted: 19th August 2018
Posted in: News
South-east Queensland’s best performing suburbs over the past five years have been revealed, with those topping the list having grown by nearly 90 per cent.
While the south-east corner did not get the house-price booms of Sydney or Melbourne, the latest data from the Domain Group shows some suburbs have achieved phenomenal growth since 2013.
Only four of the top-10 suburbs were located in Brisbane, with the remaining six split between the Gold and Sunshine Coasts.
Inner-city favourite New Farm took out the No.1 spot — its median house price grew by a whopping 89.5 per cent in the past five years.
Close behind was Mermaid Beach on the Gold Coast, where the median house price rose by 83 per cent.
Bulimba, Palm Beach, Sunnybank and Taigum all made the top-10, as well as Coolum Beach, Buddina, Broadbeach Waters and Warana on the Sunshine Coast.
The top 10 suburbs (median house price growth over five years):
Source: Domain Group
Not surprisingly, the Gold Coast features heavily in the south-east’s strongest-performing suburbs. The past five years have been its recovery from the GFC, and according to Jordan Williams of JW. Prestige Agents, they’ve not just recovered, but skyrocketed.
“Mermaid Beach is so tightly held now, it’s incredibly difficult to get in there,” he said. “You’ll find the people who own these properties don’t ever want to sell because they know they’ll never replace it.
“All the old beach shacks are gone, so land is getting harder and harder to find. It’s such a small strip of beachside real estate and has a five-storey height restriction, which increases not only how desirable it is but makes finding real estate even harder.”
He said Broadbeach Waters, where the median house price grew by 58 per cent in the past five years, was the first to recover from the GFC.
“I remember when it picked up — it was August 2013 and all of a sudden it went ‘bang’ and spiked 25 per cent. It’s been going gangbusters ever since. Homes that struggled to get $760,000 any day of the week are now worth $1.4 million,” he said.