Michael Ellis and wife Erin have lived in Surfers Paradise for 14 years and have watched the rapid transformation of the well-known destination.
Queensland has a new $4m suburb, with fresh data revealing Surfers Paradise now has the jaw-dropping median house price after jumping 37 per cent in the past year.
The city’s property market continued to defy a cool down, with PropTrack data showing the Glitter Strip was the star performer across the state with the biggest surge in prices over five years.
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Houses in Surfers Paradise jumped 123 per cent over 5 years.
Houses in Surfers Paradise jumped 123 per cent — or $2.21m — over 5 years.
PropTrack senior economist Angus Moore said while median prices can be volatile due to a one-off mega sale, Surfers Paradise was continuing to increase in value.
“It depends on the types of houses sold and Surfers Paradise has some big and expensive homes,” Mr Moore said.
“The Gold Coast more broadly has been an incredibly popular market over the last five years and it isn’t showing any signs that’s changed.”
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Young guns take over top Glitter Strip agency
This mansion on Southern Cross Drive, Cronin Island sold for $18.5m last month via Kollosche Broadbeach.
Kollosche agent Jamie Harrison last month handled the $18.5m sale of a Hollywood Hills-style mega mansion on a prized riverfront triple block in Surfers Paradise.
Thirteen mostly local bidders registered for the trophy home following a high-profile sales campaign by Mr Harrison and Kollosche principal, Michael Kollosche.
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Aerial view of Surfers Paradise.
“Surfers Paradise offers some of the Gold Coast’s most exclusive homes within Paradise Waters, Cronin Island and Isle of Capri,” Mr Harrison said.
“I’m not surprised it’s hit $4m and expect it to continue to grow due to the significant under supply of quality homes available for sale along the river.
“Buyers are often attracted to luxury homes within the 4217 postcode due to the central location, proximity to the Broadwater for boating, world class beaches, and private schools in Southport.”
Aerial view of Surfers Paradise.
Ray White Surfers Paradise Group’s Andrew Bell said it was no surprise to see Gold Coast suburbs now featuring among the most valued real estate in the country.
“This is in part because of the quality of properties we are now producing, building on the Gold Coast, we’re building incredible properties that are attractive to high wealth purchasers,” Mr Bell said.
“Coupled with the post-pandemic climate, we have attracted incredible wealth out of southern markets to the Gold Coast.
“We’re matching the desire of people who’ve got money with the type of properties they want to buy, as a result, up go prices.”
Michael Ellis and his wife Erin. are selling their home in Isle of Capri.
Michael Ellis and wife Erin have lived in Surfers Paradise for 14 years and have watched the rapid transformation of the well-known destination.
The couple, who has two children are selling their four-bedroom house at 10 Salerno Street, Isle of Capri.
They bought the property in 2011, and have watched the Glitter Strip evolve over the years.
“Surfers Paradise has turned into a family orientated place, it’s got great schools, great shops and offers everything you need,” Mr Ellis said.
“Then you’ve got a five-minute walk to the beach and the entertainment precinct.”
10 Salerno Street, Isle of Capri. is going to auction on April 5.
Mr Ellis said he wasn’t surprised the median had hit $4m.
“Give it five years and I think it will be $4.5 to $5m,” Mr Ellis said.
“If this was western Sydney it would be worth $6m or $7m.”
Their house is going to auction on April 5 through Robbie Graham of Ray White Surfers Paradise Group.
“A lot of younger families are moving in to the area. It’s a great place to live.”
With multiple living areas, there is plenty of room for the growing family.
10 Salerno Street, Isle of Capri.
The east-facing covered entertaining area connects to the pool, timber deck, and low-maintenance gardens, ideal for year-round relaxation and entertaining.
“The house itself is a family entertainer, it’s got that homely feel, you walk in and feel you’re home straight away,” Mr Ellis said.
Upstairs, you’ll find two spacious ensuite bedrooms with views of the Surfers Paradise skyline, while the master suite features a private balcony overlooking the backyard and pool.
10 Salerno Street, Isle of Capri.
The Gold Coast has four suburbs in the top 10 growth markets in Queensland over five years including Surfers Paradise, Mermaid Beach ($3.3m), Bundall ($2.3m) and Broadbeach Waters ($2.2m).
Mermaid Beach and Surfers Paradise have both been crowned most expensive suburb on the Gold Coast previously although Mermaid Beach lost its crown last year following a string of mega sales in Surfers Paradise.
The Gold Coast has four suburbs in the top 10 growth markets in Queensland over the past five years.
Last year, the southern Gold Coast suburb of Bilinga hit $4.06m after the suburb set a blistering pace of growth.
Prices had surged 191.6 per cent, almost tripling in one year off major demand for beachfront developments.
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