Runaway Bay and Labrador named in the top boom suburbs on the Gold Coast

Runaway Bay and Labrador named in the top boom suburbs on the Gold Coast

THERE is more evidence the Gold Coast property market is heating up, with some suburbs that enjoy waterfront views experiencing an unprecedented 25 per cent spike in land values.

Queensland’s Valuer General has released annual valuations for more than 141,000 properties in the city, showing land values on October 1 last year had increased by 14.4 per cent.

The top suburbs are Runaway Bay (25 per cent), Broadbeach (25 per cent), Bilinga (24.4 per cent) and Labrador (22.9 per cent).

Real estate and industry insiders are cautious of talking about a boom but those at the coalface say the property market began to heat up last October, with the best results for many waterfront suburbs since the Global Financial Crisis in 2008.

Labrador-based real estate agent Eddy Sarroff said: “It’s a boom at the moment in some sectors of the market. Certainly in the residential division with free-standing homes.”

Some Labrador homes worth $145,000 about 15 years ago were now being marketed at more than $700,000, he said.

Council planning committee chairman Cameron Caldwell was not surprised by the strong land value increase at Runaway Bay.

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Runaway Bay and Labrador named in the top boom suburbs on the Gold Coast