FIVE Gold Coast suburbs have been included in the nation’s top 200 best performing suburbs priced under $350,000.
Labrador, Carrara, Coombabah, Nerang and Upper Coomera rated in the top 200 with units that realised decent capital growth and rental returns.
The top 200 list has been compiled by Residex in conjunction with magazine Australian Property Investor.
Four Western Australian suburbs within 50km of Perth – Seville Grove, Warnbro, Wembley and Osborne Park – took the top four placings.
Residex chief executive John Edwards said the research had found 1469 million houses and 451,000 units with a value below $350,000 across Australia.
“This represents about 20 per cent of the house and land market and 17 per cent of the unit market,” he said.
Shannon Molloy, API deputy editor, said while many suburbs on the list had experienced negative returns in the past year, most had reported strong long-term growth.
“This is symptomatic of where the market has been in the past couple of years. Prices have come off and the market has been sluggish,” he said.
“But the top 200 were chosen based on solid investment fundamentals, decent capital growth and strong rental yields.
“Essentially, it means you are buying a property which will probably pay for itself in the long run.”
Mr Molloy said Gold Coast housing prices were well above the $350,000 median price.
“But the five suburbs which made the list all show there are still good opportunities for buyers to obtain an affordable unit on the Gold Coast,” he said.
“In the past year, all have come back in price between 6 per cent and 10 per cent, but they have all had strong long-term growth over the past 10 or 20 years.”
– By Jenny Rogers Gold Coast Bulletin