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New suburb steps up to the million-dollar club

By Angela Brackenridge

The Gold Coast’s million-dollar club has a new member with the laid-back southern suburb of Currumbin stepping up to the premium property podium.

Latest data from realestate.com.au shows key sales in the past 12 months propelled house prices in Currumbin to a median of $1.054259 million.

Over the past year, house prices in Currumbin rose by 25.4 per cent and a whopping 40.6 per cent in three years.

A Southern Gold Coast real estate specialist said a limited supply of low density housing made Currumbin real estate a niche commodity.

“With the rapid development of neighbouring suburbs, Currumbin’s low rise living environment and village ambience is appealing,” he said. “You’ve also got surf, trees, beach and the estuary, so there’s a lot of natural beauty in the area.”

Surfers Paradise, which includes the elite enclaves of Paradise Waters, Isle of Capri and Chevron Island, retains the million-dollar crown, recording a median price of $1.73125m across 80 sales.

Mermaid Beach, renowned for its so-called Millionaire’s Row, recorded the Gold Coast’s second highest median house price of $1.6m.

Tallebudgera Valley was the only hinterland suburb to make the cut, with a median house sale price of $1.2135m, ahead of Clear Island Waters ($1.238m) and Broadbeach Waters ($1.1825m).

The latest marketing trends from realestate.com.au show Gold Coast real estate has held its own over the past three months, with house prices rising by 1.6 per cent and units by 2.4 per cent.

Nerida Conisbee, realestate.com.au’s chief economist, said the premium property market has been one of the most stable property market during the COVID-19 pandemic.

“The property market is currently being supported by high levels of stimulus, a stable banking system, mortgage payment freezes and relative confidence among buyers,” she said.

“As a result, pricing has remained stable, despite being in a recession.”

Read the original article here, as published on www.realestate.com.au

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