River front properties on the Gold Coast have become Queensland’s most sought after real estate, Colliers International Gold Coast Beachfront Riverfront Housing Property Watch report has found.
According to the report, 10 years ago only three riverfront suburbs recorded average values above $1 million – Paradise Waters, Southport and Sorrento.
Today, all riverfront suburbs are selling for more than $1 million, with an average price tag of $1.3 million.
Colliers research manager and report author Lynda Campbell said Paradise Waters had recorded the largest increase in riverfront values, with a capital growth of 366 per cent over the last decade.
“The next most expensive riverfront suburb, Sorrento, has had two transactions, including the $8 million sale of the home known as ‘Bartinon’ – the highest price paid for a riverfront home this year,” Ms Campbell said.
According to Ms Campbell, Mermaid Beach has also recorded exceptional growth over the past decade, however, prices have dipped in the last few months on the back of the fall-out of the global financial crisis.
“Increased activity is expected over the coming year as confidence returns and buyers take up the opportunity to secure property in this strip. As it is one of the lowest density beachfront areas on the Gold Coast, property there is extremely rare, which continues to drive demand and values,” she said.