Mermaid Beach on the Gold Coast is now officially Queensland’s most expensive residential real estate market following exceptional price growth over the past year, with a host of newcomers joining the city’s million-dollar club.

The median value of houses within the city’s hottest beachfront suburb – including the infamous Multi-Millionaires’ Row, otherwise known as Hedges Avenue – shot to $2,680,197, surpassing Sunshine Beach on the Sunshine Coast ($2,651,978).

CoreLogic’s annual Million Dollar Markets report reveals a record number of $1,000,000-plus homes changed hands across Australia in the year to May 2022. An additional 487 markets (450 house and 37 unit markets) joined the million-dollar club Australia-wide.

Queensland’s relative affordability and strong interstate migration saw the number of million-dollar markets more than double across Brisbane (up 139.2%) and regional Queensland (up 127.7%) compared to the same time last year.

Paradise Point – which includes Sovereign Islands and Ephraim Island – is the Gold Coast’s second most expensive residential real estate market with a median house price of $2,328,600 (up from $1,251,967 in May 2021).

The Gold Coast’s newest million-dollar housing suburbs are:

Southern: Reedy Creek ($1,331,351); Elanora ($1,241,649); Tugun ($1,327,321)

Central: Robina ($1,232,804); Varsity Lakes ($1,083,218); Carrara ($1,043,614); Ashmore ($1,048,378)

Northern: Arundel ($1,049,237); Helensvale ($1,073,850); Hollywell ($1,301,279); Biggera Waters ($1,173,450); Hope Island ($1,315,936)

Hinterland: Mudgeeraba ($1,155,471); Worongary ($1,163,469); Gaven ($1,207,325); Willow Vale ($1,081,194); Tamborine ($1,066,317)

Newly minted million-dollar unit markets include Hollywell $1,237,512 (up from $875,272 in May 2021); Main Beach $1,187,004 ($849,956); Coolangatta $1,010,591 ($817,970); and Paradise Point $1,004,252 ($751,850).

Market conditions continue to evolve in each Gold Coast suburb as we move through winter and prepare for the spring selling season. An accurate appraisal and a targeted marketing strategy provide homeowners with the confidence to make informed decisions regarding your property asset.

Reach out to Kollosche for hyperlocal expertise and trusted advice.