The number of locations boasting million-dollar-plus houses and apartments increased by 32% in the last year with the southern beach suburb of Burleigh Waters and the hinterland suburb of Tallai as the two newcomers for the Gold Coast hitting a median house price of $1.054m and $1.036m respectively.
TWO Gold Coast suburbs surpassed the $1 million median house price barrier in the last quarter, joining 20 others across the state.
16 of the 22 reached the million-dollar mark for the first time in their history.
Burleigh Waters, on the Gold Coast’s southern beach, and Tallai, in the hinterland, were the two newcomers, with median house prices of $1.054m and $1.036m, respectively.
The achievement is the result of strong house price growth in the two suburbs, with Burleigh Heads registering the region’s second highest level of growth at 12.6%, while Tallai grew at a more modest but still strong 6.4% in the first quarter of 2021.
According to the most recent data from property analysis firm CoreLogic, there are now 78 million-dollar suburbs across Queensland.
It’s bad news for those looking to get into the market, especially in Brisbane, where the average house in the city’s inner ring now costs more than a million dollars.
For the first time, the inner Brisbane suburbs of Seven Hills, Red Hill, Toowong, Herston, East Brisbane, Camp Hill, Coorparoo, Windsor, Lutwyche, and Wooloowin all had median house prices of more than $1 million this year.
On the Sunshine Coast, four suburbs have joined the million-dollar club, including Noosa Heads, where the median unit price has risen to $1.05 million.
Graceville, Newmarket, Taringa, Indooroopilly, Yeronga, and Sherwood had previously broken through and slipped under the $1 million mark before rejoining this year.
The Sunshine Coast’s little-known suburb of Bokarina is among the newcomers.
According to the most recent CoreLogic data, house prices in the beachside have risen 9.3 percent to $1.03 million during the March quarter.
Cricketer Chris Lynn is one of the buyers who see value in the suburb, having recently purchased a beachfront home there.
Jordan Lund, owner of Elite Lifestyle Properties, says he is not surprised that Bokarina has joined the million-dollar club.
Mr Lund, who has lived in the suburb for the past year, believes “Bokarina has been a problem.”
For a long time, real estate has been undervalued.”
Aside from the allure of living on the beach in a beautiful part of the Sunshine Coast.