Queensland's millionaire rows: The state's top suburbs - Property News AU/NZ | propertynoise.co.nz & propertynoise.com.au

PHOTO: The Gold Coast, Queensland

They’ve long housed the lion’s share of lavish Queensland homes but now, after 24 months of exponential growth, medians across a handful of Queensland’s priciest suburbs are outpacing even San Francisco.

Sunshine Beach stole headlines late last year when house price medians soared to $50 shy of $3 million, but just as all eyes turned north to the Sunshine Coast suburb, a smattering of other “millionaire rows” across Brisbane and the Gold Coast also strengthened their hegemony in the luxury market.

They clocked up an eyewatering annual growth of up to 58 per cent, with Mermaid Beach on the Gold Coast, alongside Brisbane’s New Farm and Teneriffe, collecting record median highs of more than $2 million according to Domain’s latest House Price Report.

60_Admiralty_Dr_13_dqgr1f — **Affluent suburbs within Brisbane and the Gold Coast have seen house prices grow up to 58 per cent in the last year. Photo: Supplied**

The Gold Coast’s Paradise Point and Surfers Paradise, with Brisbane blue-chip suburb Ascot, were hot on their heels following a growth spurt that pushed medians north of $1.8 million.

Incredibly, they’re figures that are comparable – or even higher – than the San Francisco County median of $A2.174 million, according to the California Association of Realtors.

And with the “Zoom change” trend drawing more remote workers to sunny Queensland, more suburbs could soon enter the exclusive list.

According to the report, Mermaid Beach is now the second most expensive suburb in Queensland – after Sunshine Beach – following a 42.6 per cent hike in the median house price to $2.375 million in December 2021.

AMY_0054_zrptw0 — **Global events in the last two years have fuelled Queensland’s house price growth as prestige buyers seek a change in lifestyle. Photo: Supplied**

And while the prestigious pocket is sans a Golden Gate Bridge, it does house the famous Hedges Avenue – colloquially known as “millionaire’s row”.

“I think there’s been a reset of people’s minds globally about what they want [as a result of the pandemic],” says Alex Caraco of Raine and Horne Elite.

“A lot of people are not satisfied with their life and then when there’s a war people do assess things very quickly. So, there’s definitely a lot more interest in the Gold Coast market [right now].

“People genuinely believe they want the best and the best is Hedges Avenue … and they are no longer coming here to buy and sell a holiday house, but to live.”

It’s a sentiment that allowed Nine Gold Coast news co-presenter Eva Milic, and her property developer husband Marcus Dore, to offload their Hedges Avenue beach house in an off-market deal worth $14.5 million in January this year, and it’s one Caraco says is already fuelling strong interest for a four-level mega-mansion he’s marketing for $20 million at nearby 17 Hedges Avenue.