Ten suburbs spanning the southern to northern Gold Coast have been exposed as ‘hot spots’ for outstanding residential investment opportunities in 2006.
A report compiled by PRDnationwide Research identifies five mainly waterfront suburbs, all with a medium price under $415,000, as places to watch in the upcoming year.
According to the report, homes and apartments in Labrador and Palm Beach and apartments in Paradise Point, Southport, Surfers Paradise and Broadbeach are ideal suburbs for investors and owner occupiers alike.
Other suburbs to be likely price movers in the year ahead are the inland suburbs of Beenleigh, Nerang, Merrimac and Varsity Lakes.
PRDnationwide’s Residential Sales Director, Greg Allan, said homes or apartments located near water, restaurants, shops and transport are likely to experience growth potential.
"The identified suburbs this year come from a low price base and are inflated by factors which will eventually spur price growth," Mr Allan said.
According to the report, the suburb of Merrimac on the Queensland Gold Coast is particularly likely to be boosted by infrastructure improvements within the area such as the upgrade of Gooding Drive to four lanes and the development of the nearby rugby league stadium.
Paradise Point and Labrador are also singled out in the report for future expansion due to the financial growth brought to these areas by the increasing population growth of older generation residents.
Beenleigh, Paradise Point, Labrador, Southport and Broadbeach, were also included in the report's previous year hot spot list with most suburbs raising their median price throughout 2005. The exceptions were Paradise Point apartments and Labrador homes, which declined 1.1% and 6.6% respectively.
Tallai on the Queensland Gold Coast was the best performing suburb in 2005 with a 29.5% medium price increase raising house prices from $365,000 to $472,500. Units in Miami and homes in Southport also performed well with a 15.8% and 12.8% boost respectively.
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