Tree changers are snapping up acreage properties on the Gold Coast hinterland for a mere fraction per square metre of the huge sums paid to secure a pad in the city’s best-known beachfront suburbs.
The region’s cheapest suburb was rural Cedar Creek, where sprawling acreage properties in 2021 sold for a a tiny median price of just $19 per sqm, data released by REA Group shows. Luscombe was next, with a median price of $20 per sqm, then Austinville ($32), Alberton ($32), Guanaba ($34), and Clagiraba ($35).
Mermaid Beach remains 2021’s most expensive suburb, with buyers shelling out a median of $4536 per sqm and lots averaging 405sqm.
The ritzy suburb is home to the Coast’s Millionaire’s Row, where last week’s $15.7m off-market sale of an oceanfront home at 127 Hedges Ave equated to a staggering $25,700 per sqm for the 607sqm lot.
Main Beach property cost $4258 per sqm, followed by Surfers Paradise ($2921), Miami ($2273), Broadbeach ($2241) and Coolangatta ($2032).
Stone Real Estate agent Jason Savage said properties in the Cedar Creek area were attracting “absolutely massive interest”, with more than 200 people attending the first open home of a stunning property on 6,405sqm at 507 Cedar Creek Rd.
The five-bedroom home with a parents’ retreat, two huge sheds, basketball court, custom-built cubby house and private deck at the creek overlooking a swimming hole was among QLD’s most viewed properties when it hit the market with an advertised price of low to mid-$900,000s.
Twenty offers were received following the first inspection and the home is under contract for $1.2m to a buyer relocating from Sydney.
“It was the weekend just before the lockdown and I had around eight groups who flew up from Sydney alone just for the open home,” Mr Savage said.
“The location has a special beauty like much of the Gold Coast but there are some hidden and less-known spots that take your breath away with their natural beauty and this is certainly one of those places.
“It’s a great place to raise a family and a peaceful and serene setting. Once the secret’s out prices in the area will continue to increase and with limited stock, demand is outstripping supply at the moment,” he said.
REA figures also showed Mermaid Beach recorded the biggest price growth, up $1,060 per sqm since last year, followed by Broadbeach, up $502 to $2241 per sqm.
Miami, Surfers Paradise, Burleigh Waters, and Palm Beach also posted growth of more than $400 per sqm over the last 12 months.
Harcourts Coastal sales director Rob Forde said the huge interstate demand for luxury apartment living by the beach had fuelled price growth.
“The Gold Coast has probably been under-valued for some time when you look at markets down south in Victoria and NSW,” Mr Forde said.
“The prices people are paying now represent good value when you consider the Gold Coast is continuing to mature and attract those more affluent buyers, and the big thing has been an influx of people from interstate looking for premium beachfront apartments because it is so easy to lock and leave if you need to.”
With space also one of the most desirable features for the post-COVID househunter, Mr Forde said acreage suburbs were also very attractive lifestyle investments while still being within easy reach of amenities.
“Buyers make a decision to either sacrifice land size to get the lifestyle of the beach, or if space is more important to you then you sacrifice proximity to the beach to have a bit more land,” he said.
“That being said, there are still some amazing opportunities for buying generous sized homes that are still not too far from the beach, and those areas still represent really good buying.”