Top Gold Coast suburbs for million-dollar sales

Surfers Paradise is blazing a trail in the Gold Coast property market this year, topping the top 10 list of suburbs for $1 million sales.

Domain Group data has revealed the Gold Coast’s glitter strip recorded 100 sales of $1 million or more from January to July, well ahead of Hope Island, which recorded 77 sales in the same price range.

It’s proof of the “transformation” that Surfers Paradise has undergone in more recent years, local PRD agent Tolemy Stevens said.

“This doesn’t surprise me at all. Surfers really has emerged from those tough times where it had a bit of a dubious reputation to become a shining star, the type of place where families can walk down Cavill Mall at 8pm on a Saturday night and be completely safe,” Mr Stevens said.

“It’s an incredible destination that has done a complete 360 in the past four to five years, with world-class infrastructure going up in preparation for the Commonwealth Games – and property sales are reflecting that turnaround.”

Mr Stevens said properties that he “couldn’t give away” two to three years ago were now selling within record time, many of them to buyers from Sydney and Melbourne.

“They almost don’t believe it when I tell them what they can get up here for $1 million,”  he said.

“I wouldn’t say we’re having a boom at Surfers – but I would say we’ve come through the tough times and are doing the best since the GFC hit.”

Perhaps surprisingly, less than half the suburbs that made the top 10 list were beachfront. The list was dominated by canal or riverfront developments such as Runaway Bay, Helensvale, Paradise Point and Benowa.

Broadbeach Waters recorded 74 sales of $1 million or more, whereas Broadbeach made only 26.

Scott Reid, principal at John Reid Real Estate, said Broadbeach was a smaller suburb with a higher density of units, whereas Broadbeach Waters was largely residential, highly sought-after for its unique location and ocean access.

“Homes are canal-front with ocean access – but they’re also only a 10-minute walk to some of the Gold Coast’s best infrastructure,” he said.

“You’ve got Pacific Fair Shopping Centre, the (Jupiter’s) casino, restaurants and cafes. It’s a beautiful suburb tucked in behind the centre of the Gold Coast. Buyers absolutely love the location.”

Mr Reid, whose agency has sold real estate in Broadbeach Waters since the 1970s, said many of the older homes were now being purchased and promptly bulldozed to make way for new mansions.

“Ten months ago I sold a property for $2.2 million as a knock-over. The new owners have demolished the old house and are spending $2.4 million on the rebuild,” he said.

“We’re finding a lot of people are doing that now – they’re buying the older homes for $1 million or more – and then knocking them over to build something new.

“That’s how popular this area is and so it’s no surprise to be that Broadbeach Waters would be making that many million-plus sales.”

Janet Davis, agent at Ray White Hope Island, said Gold Coast residents often preferred the canal developments because of the property size, facilities and community ties.

“These properties are popular for the lifestyle they offer. They get beautiful houses, peace and quiet, water access and a self-contained community with security,” she said.

“You don’t get that in the beachfront suburbs.”

She also said suburbs such as Hope Island were not restricted to foreign buyers, which meant it was popular with Chinese buyers wanting to purchase without all the red tape.

“The closer you get to Surfers, the more expensive the price tag – but you can get to $1 million very easily around here these days,” she said.

“Property prices for Hope Island range from $450,000 for apartments up to $20 million for houses – so there’s a lot above the million-dollar range.”