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Prestige list holds steady
Gold Coast Bulletin | 16 May 2009
WE'RE still members of the million-plus club. Our million-dollar suburbs have taken a hit but we are holding our own against the rest of the country. The city's prestige enclaves of Surfers Paradise and Mermaid Beach have held their position as suburbs where the median price remains above $1 million. But around Australia, many million dollar suburbs are dropping off the map, according to new research by property analysts RP Data.
The number of prestige suburbs with a median price of more than $1 million has shrunk from 152 to 134 during the past year across Australia. NSW had the greatest drop in its elite SUburbs with a 9 per cent slide and the loss of eight prestige suburbs.
Queensland recorded a 17 per cent increase in prestige suburbs and added Brisbane's Ascot to the club. And our traditional blue-chip suburb of Surfers Paradise managed to record a median value of$1.34 million, despite a drop of 8.2 per cent from its 2008 median of $1.49 million.
Mermaid Waters recorded a median value of $1.1 million, a much bigger slide of 9.7 per cent from the 2008 median of $1.37 million.
"Across the Gold Coast most prestige areas have seen price falls but a lot of suburbs are still hanging in there in the millions-plus club," said senior research analyst Cameron Kusher. "On the Gold Coast you had no suburbs added but no suburbs were lost so you guys are still doing OK." However, Mr Kusher said the financial crisis had hit the top end of town hard and the 'nouveau riche' hardest.
"The global financial crisis has impacted higher net-werth individuals much harder than those with low and middle incomes," he said. "Some high income earners have seen their share portfolios almost halved and some have lost their jobs."
Mr Kusher said the biggest drop had been in new-money suburbs rather than those based on established wealth. In other Gold Coast prestige suburbs, Clear Island Waters recorded a median value of $927,500, a jump of 20.5 per cent on last year. The Sovereign Islands now has a median value of $880,000, a drop of 7.4 per cent, Bundall has a median of $830,000, down 8.5 per cent, Runaway Bay recorded $815,000, down 2.4 per cent, and Broadbeach Waters a median of $810,000, a drop of 2.5 per cent.
Mr Kusher said while some key economic indicators were suggesting the worst ofthe financial crisis might be over, RP Data estimated further weakness at the market's top end this year.
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