This article is from the Australian Property Journal archive
THE Gold Coast and northern New South Wales affordable suburbs have recorded the strongest capital growth in the past year, according to Colliers International.
The quarterly Colliers International Top Five Suburbs report found suburbs in the southern and western Gold Coast and Tweed dominated the list of best performers for both homes and apartments.
Units in Murwillumbah were the stand-out performer, recording a 63.4% capital growth from a median of $128,500 in March 2008 to $210,000 in March 2009. It was the only suburb in the top five for apartments or homes to record double digit growth, compared with previous reports in which several suburbs recorded such gains.
Growth in apartment values were located on the southern Gold Coast or Tweed, with Currumbin coming in second with a 9.1% capital growth, followed by Elanora at 6.6%, Bilinga at 2.7% and Tweed Heads South at 1.5%.
Tallebudgera performed strongest with a 9.8% capital growth from a median $675,000 in March 2008 to $741,000 in March 2009. Followed by Worongary with 8% growth, Pimpama at 7.6%, Pottsville at 4.3% and Reedy Creek at 3.9%.
Colliers Gold Coast director Stewart Gilchrist said the figures were the result of continued demand for entry level and lower priced property in the current economic climate.
“Demand has been particularly strong for properties priced below $500,000, which is also reflected in these results, with homes in Tallebudgera and Reedy Creek the only suburbs priced above this mark.
“Although the economy has dampened property price growth in the past year, these results show there are still opportunities in the current market for savvy buyers and investors to make gains or to secure properties now when the market has dipped in order to enjoy future capital growth,” he added.
Colliers research manager Lynda Campbell said all suburbs in the top five for house price growth were on the northern or western fringe of the Gold Coast or the Tweed.
“Worongary, Pimpama and Pottsville all have a median house price in the high-$400,000s, which would have attracted young buyers,” she added.
Australian Property Journal
