MERMAID Seaside has lengthy held the title because the Gold Coast’s costliest suburb, however a brand new contender is scorching on its heels.
Bilinga joined the Coast’s million-dollar membership in November and has been near surpassing Mermaid Seaside’s median home value for months.
CoreLogic information to December confirmed there was solely a $50,000 distinction between the 2, which stretched to $85,000 in January.
Mermaid Seaside’s median soared to $1.5 million final 12 months, which marked a report for the Gold Coast, however it has since steadily declined to $1.385 million whereas Bilinga’s has rocketed to $1.three million.
REIQ Gold Coast zone chairman Andrew Henderson (pictured) believed Mermaid Seaside would at all times reign supreme however mentioned there was advantage in Bilinga’s elevated reputation.
“It’s clearly heating up the competitors between the 2 however whether or not it’ll move (Mermaid Seaside), I can’t see that occuring,” he mentioned.
“However as new homes get constructed and extra folks attraction to the world … I feel that (Bilinga) could possibly be held in excessive esteem.
“Bilinga for a very long time was most likely beneath valued.”
MORE NEWS: Imagine owning a castle
MORE NEWS: New home hot spots revealed
He mentioned the suburb’s proximity to the Gold Coast Airport and well-liked surf breaks made it notably interesting.
The median home costs are based mostly on 66 gross sales in Mermaid Seaside over the previous 12 months and 16 in Bilinga, which steered a number of million-dollar gross sales had been skewing the figures.
Mr Henderson believed that when the information to the beginning of April was revealed, it could paint a unique image as there had been plenty of million-dollar gross sales at Mermaid Seaside throughout that interval.
Ray White Mermaid Seaside agent Troy Dowker, who has offered a number of multimillion-dollar properties at Bilinga over the previous 12 months, backed Mr Henderson’s feedback.
He mentioned when Bilinga’s status market dried up, the median would drop again.
DJ Stringer Property Companies principal David Stringer mentioned homes within the space had been already extremely sought-after whereas 5 to seven-storey peak limits meant new boutique beachfront developments had been additionally on supply.