Real Estate

Homeowners in the top two per cent of the Gold Coast market

GCB House and Land feature - Gold Coast generic
Written by The ReReport
As seen in the Source link, written by on 2019-10-30 10:19:00

Gold Coast houses worth more than $1.33 million are in the top two per cent of the market.

GOLD Coast residents who own a house worth more than $1.33 million have made it into an elite club without even realising.

The figure represents the entry point into the city’s top two per cent of the property market, also known as the 98th percentile.

Considering the Gold Coast’s median house price is $655,000, it’s an unusual position to be in.

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The Broadbeach Waters property at 255 Monaco St is listed with a $12.95 million price guide.

CoreLogic head of research Tim Lawless said the Gold Coast had the third highest 98th percentile house value.

“In Queensland, the highest 98th percentile house value can be found at Noosa on the Sunshine Coast, tracking at $1.87 million in September, followed by Brisbane ($1.52 million) and Gold Coast ($1.33 million),” he said.

The figure was much higher on a national scale.

“Nationally, you’ve made it into the 98th percentile if you own a house worth at least $2.16 million (roughly $1.6 million above the national median house value) or a unit worth $1.43 million (about $930,000 higher than the national median unit value) or higher,” Mr Lawless said.

The Paradise Waters property at 101 Commodore Drive is on the market with a $14.888 million price tag.

“Although the national entry point to the top 2 per cent club looks extremely high for most of us, the national figure is skewed higher by Sydney and Melbourne where housing values are much higher.”

There were almost 670 Gold Coast houses on that were listed with a price guide above $1.3 million at the time of publication.

This included houses going to auction, which were listed without a price guide.

More than 4200 Gold Coast homes were listed on with prices as low as $49,000.