The Gold Coast housing market is continuing to regain some momentum as it heads into the spring selling season.
The large majority of suburbs in the market, which was heavily hit during the global financial crisis, recorded positive increases in their median house prices in the past quarter and year.
Just a few years ago that was far from the norm.
According to the latest figures from RP Data, Currumbin was the best performer over the three months to May and in the past year.
Its quarterly median rose by 15.7 per cent to $775,000 while its yearly median house price rose by 31.4 per cent.
Biligna was the worst performer during the quarter with its median house price down by 4.1 per cent to $460,000 while Coolangatta values were down by 14.6 per cent for the year.
Upper Coomera continued to be the most popular suburb within the Gold Coast region for house buyers with 389 changing hands in the past year.
Helensvale also performed well with 321 houses selling. Both areas have a number of housing estates under development.
Beau and Melinda Little with their children Dallas and Van at their Hollywell home. Picture: Jack Houghton.
Shopfitter, Beau Little, fell in love with a property in Hollywell six weeks ago when he first saw it and bought it with his wife Melinda on the spot for $535,000.
“I’ve loved fishing my entire life and this place had direct access to the canal,” Mr Little said.
Mr Little’s half-a-million-dollar fishing investment could end up being the best decision of his life, with the median property price in Hollywell up by 11.6 per cent in the 12 months leading up to May.
RP Data research analyst Cameron Kusher said there was some strength returning to the Gold Coast and Sunshine Coast markets in Queensland.
The latest Fitch Ratings mortgage delinquency report found the Gold Coast region had picked up its performance.
2 Albany Ave Currumbin is on the market for $895,000. Picture: realestate.com.au
“Coast regions in Queensland, such as the Gold Coast and Sunshine Coast continued to show a significant improvement in performance over the 12 months to March,’’ the report said.
“The Gold Coast east was the region with the greatest improvement in mortgage performance in Australia during the six months to March 2014, thanks to a rebound in the local housing market and the strong clearance rates that in turn reduced the level of 90 day arrears.’’
Sellers in Ormeau Hills often get close to their asking price. Picture: Luke Marsden.
In terms of achieving close to their original asking price, sellers in Varsity Lakes, Merrimac and Ormeau Hills were least likely to have to drop their asking price to secure a sale.
All three suburbs recorded the lowest vendor discounting rates on the Gold Coast.
Tenants in Clear Island Waters paid the highest median asking rent on the Gold Coast of $678 a week, while Springbrook has the cheapest median rent of $335 a week.
According to the Residential Tenancies Authority figures the Gold Coast is still a popular region for renters with more than 8000 new bonds lodged by renters in the June quarter.
Check out our exclusive interactive map, What Your House is Worth, at the Gold Coast Bulletin website, to see exactly how the house market has performed in your suburb during the past quarter and year.