House and unit prices are soaring across the country and indeed on the Gold Coast where the median house price last month (September '21) hit $797,000 and the median price for an apartment now sits at $485,000. Only a year ago these medians were sitting at $660,000 and $410,000 respectively.
So where can you still find a bargain? Here are the cheapest suburbs in the Gold Coast to buy a house or unit.
Cheapest suburbs to buy a house on the Gold Coast
Apart from Springbrook located in the Gold Coast Hinterland, all of the suburbs offering the cheapest and most affordable real estate on the Gold Coast are located in the Northern Gold Coast. In these suburbs it's still possible to buy a house for less than $650,000 and in some cases even below $500,000. Here are the 10 most affordable Gold Coast suburbs to buy a house:
1. Springbrook
Springbrook is located in the southwest in the Gold Coast Hinterland. With a median house price of $507,500 this is the cheapest suburb on the Gold Coast to buy. You certainly get value for your money too, most properties are situated on large or acreage bushland blocks. The area saw a 10% growth in house prices since the start of the year.
2. Pimpama
The newest, and one of the fastest growing suburbs on the Gold Coast, Pimpama offers affordable housing with a median house price of $519,000. Recording a growth of 14% since the start of the year.
3. Ormeau & Ormeau Hills
Some of the most northern suburbs of the Gold Coast, close to Logan and only a 35min drive from Brisbane are Ormeau & Ormeau Hills with a median house price of $585,000 and $580,000 respectively.
4. Upper Coomera
Upper Coomera has a median house price of $590,000, an increase of 14% since 2020's $518,000 median.
5. Coomera
The suburb recording the smallest growth of 6% since the start of the year is Coomera, the median house price currently sits at $610,000, an increase of $35,000
6. Nerang
The median house price in Nerang increased by 21% since the start of the year, from $510,000 to $615,000.
7. Coombabah
Tucked behind Paradise Point and Runaway Bay, two suburbs with some of the highest median house prices, is Coombabah with a median of $619,000, up from $550,000 at the start of the year.
8. Labrador
Located just north of Southport on The Broadwater, Labrador saw an increase of the median house price of $69,000 since the end of 2020, now sitting at $645,000.
9. Oxenford
Showing most growth out of our top ten since the start of the year is Oxenford. The median house price went from $550,500 to $667,500 is just 9 months.
10. Pacific Pines
Rounding out our top 10 most affordable suburbs of the Gold Coast is Pacific Pines with a median house price of $668,000, a growth of 12% since the start of the year.
Cheapest suburbs to buy a unit or apartment on the Gold Coast
Again, all of the cheapest suburbs when it comes to apartment prices are located in the Northern Gold Coast region. Here are the top 10 most affordable Gold Coast suburbs to buy a unit:
1. Coomera
Topping the chart as the cheapest suburb on the Gold Coast when it comes to apartments is Coomera with a median unit price of $350,000.
2. Helensvale
Not in the top ten when it comes to house prices, Helensvale does offer cheap units and apartments with the median currently sitting at $362,500.
3. Nerang
The median price for a unit in Nerang is $367,500
4. Ormeau
An apartment in Ormeau currently fetches a median of $379,000
5. Oxenford
The median price in Oxenford for a unit is also $379,000
6. Arundel
A unit in Arundel will set you back around $390,000
7. Pacific Pines
Close to tipping the $400,000 mark, a unit in Pacific Pines will likely set you back around $399,750
8. Southport
Southport has more units than houses, over the last 12-months approx. 970 apartments exchanged hands compared to approx. 325 homes. The median unit price now sits at $400,000
9. Highland Park
With only a small amount of units in the suburb, the median price for an apartment is currently $405,000
10. Coombabah
Coming in at number ten, the median price for a unit in Coombabah is $410,000
What is a median house price?
Don't confuse a median with a medium. Essentially, the median house price is the midway point of all the houses that were sold during the period. For example, if there were 201 houses sold in the last 12-months, the median price will be that of the house price in the middle, ie the house ranked at number 100.
There can be a huge gap between the home sold for the highest and the lowest amount. So consider this when reviewing if you can afford in the suburb; there will be half as many homes sold above the median house price as there will be homes sold below that price. But as a whole it gives you a good indication of the relative value of the suburb.
There are a lot of factors that influence the value of a home apart from the size and condition of the property. Some of the most notable are the location, school zoning, access to shops and services.
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Sources & disclaimer: median house prices as published by realestate.com.au for the 12-month period to 30 Sep '21. We have in preparing this information used our best endeavours to ensure that the information contained herein is true and accurate but accept no responsibility and disclaim all liability in respect of any errors, omissions, inaccuracies or misstatements that may occur
