If you live or own a home in Miami – good news!
The beachside suburb has emerged as the suburb with the fastest rising housing prices in the city over the past five years.
According to the Real Estate Institute of Queensland’s latest Queensland Market Monitor report, the median price of houses in the suburb, which neighbours exclusive Mermaid Beach and the ever-popular Burleigh Heads, has jumped 60 per cent during the past five years.
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While the median price for houses on the Gold Coast has risen 26 per cent from $462,500 to $585,000 during the past five years, the values in Miami have jumped from $455,000 to $730,000 in the same period.
The next best performing suburbs were Broadbeach Waters, with a 56.9 per cent gain and Clear Island Waters, which recorded a 54.5 per cent rise.
John Henderson Professional Mermaid Beach principal Andrew Henderson said demand for homes in Miami had been running high and the supply of homes available on the market was limited.
“During the March quarter, only 19 homes changed hands in Miami and the REIQ did not release a quarterly median price because the data would not have been reliable,’’ said Mr Henderson.
“These results show that vendors are resisting the temptation to put homes on the market while prices are rising so strongly.
Mr Henderson said he was not surprised that Miami had topped the list of best performing suburbs on the Gold Coast over the past five years.
““I think that five years ago Miami would have been considered one of the great under-rated suburbs of the Gold Coast’’ he said.
“It sits on the beachfront in the heart of the city, right beside Mermaid Beach, one of the most prestigious suburbs the city on the Coast and yet many people overlooked it as a potential suburb to call their home.
“However, this perception is has certainly changed.”
During the past five years the Gold Coast’s median house price grew 26.5 per cent, making it the strongest performing house market in Queensland.