Gold Coast's South Stradbroke ranks second cheapest for units across Australia: CoreLogic

Suburbs in Queensland's main cities continue to score on housing affordability, with South Stradbroke from the Gold Coast following Deagon in outer Brisbane on the lowest median value for units, according to latest CoreLogic data about residential properties for 2016.

While Deagon had the lowest median value for a unit at $128,644, South Stradbroke wasn’t far behind at $131,912, according to CoreLogic’s Best of the Best 2016 report which summarises the top suburbs in the country on various housing factors.

South Stradbroke (postcode 4216) had a population of 30,874 people (ABS Census 2011). Units comprised 21.4 percent of dwellings in the area, 3-1/2 times that of Deagon.

There were 39 related transactions in South Stradbroke, much higher than Deagon’s 10.

Property Observer found some unit sales in 2016 that give a better picture of the market.

A two-bedroom apartment sold for $135,000 in South Stradbroke, Qld 4216. The deal was through Harcourts Coastal in May 2016. According to RP Data, the unit was 118/LOT118 Doeblien Drive South Stradbroke, QLD, 4216. Curiously, this unit fell in value from $227,499 from its last sale in 2003. It was also on the market for 771 days prior to the current sale for offers above $150,000, RP Data says.

A one-bedroom fully-furnished marina apartment at Lot 157 Cook Street, South Stradbroke, Qld 4216 exchanged hands for $145,000 early in 2016 through Ray White.

A one-bedroom waterfront apartment at 146/Island Street South Stradbroke, QLD, 4216 sold for $120,000 in August 2016, according to RP Data. The selling agency was Ray White. The apartment previously sold for $135,000 in 2013, and had exchanged hands for $190,000 in 2007, implying a fall of $70,000 in value in just under 10 years, according to RP Data.