Gold Coast block in boom suburb with plans for luxury homes fetches almost $1.2m

An empty block of land in a booming Gold Coast suburb has traded for almost $1.2 million, with plans for two luxury homes on the site.

The 405-square-metre property is in Miami, which has experienced whopping 81 per cent house price growth over five years. The median now stands at a tick more than $1.3 million but was about $719,000 in 2018, representing a gain of $580,000.

The deal for 120 Nobby Parade was struck in June this year for $1.19 million, the listing shows.

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(Domain)

It was pitched as the cheapest plot of land near Miami beach, about 500 metres to the golden shore and lapping waves.

The campaign was handled by agency Realty Blue.

Heightened demand for Gold Coast real estate gained momentum during the pandemic, pushed along by southern state home buyers chasing sand and sun.

Agents – in the listing – describe Miami as one of the highest capital growth zones on the Gold Coast and the medium-term numbers stack up.

The median house price in the sunny postcode is $1,301,500. At a rate of 81 per cent growth over five years ago, back then was about $719,700, analysis shows.

However, Miami has copped a median drop of 7 per cent over 12 months, in line with the greater cooling of the Queensland market, which is now in rollicking recovery mode.

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The glittering coastline in the high-growth suburb of Miami on the Gold Coast. (Alamy Stock Photo)

Just two years ago, Miami clocked 38.5 per cent median house price growth in only 12 months, indicating a 7 per cent slip – as the heat is extinguished from markets with COVID-10 favouritism – has not made a serious dent in residents’ strong financial gains.

Duplex plans for 120 Nobby Parade would be shared with the buyer should they wish, the listing advised.

The residences have three bedrooms, two bathrooms and a pool, within a medium-density residential zone.

The artist’s renders of the design on the listing show side-by-side, coastal-inspired mid-century style homes, with chic Tiffany blue doors and breeze blocks, under the shade of tall palms and an elegant, low profile.

Queensland’s broader real estate market is in comeback mode. The downturn is over in Brisbane, Domain’s latest House Price Report (June 2023 quarter) reveals.

House prices in the Queensland capital spiked for a second consecutive quarter, resulting in the sharpest quarterly gain in 12 months.

Article source: Queensland Property Investor