Banora Point is predominantly populated by retirees and elderly with multiple nursing homes and retirement villages. I asked the same question when I moved up from Sydney. Simply put, more people choose to pay a premium to live in what developers call a "modern Estate" which is in reality: narrow streets, no backyard and the next door neighbour's roof 1 meter away from theirs.
Banora Point offers everything from budget housing to multi million dollar mansions. Demand for Banora Point is minimal which will always reflect house prices. This is why I bought here, quiet, beautiful, virtually no crime. Overall a very under rated suburb, of which I took full advantage of.
I have lived in Banora Point for 20 years, its a top suburb, I love it, short drive south and your in the country side or go north and your in the glitz and glamour of the Cold Coast. You can pick the best of both worlds. It maybe cheaper because its a retirement suburb and its on the southern tip of the Gold Coast but as Sandi said in the previous post, prices have gone up over the last 12 months and so have rents, that's if you can find a place to rent. My sister lives here and she loves it too.
At the moment (early 2021) Banora is hitting peak prices along with most neighbouring suburbs since borders have been opening up. Any suburb can generate high sale prices so long as the market supports this and Banora is one of those places now where a lot of interstate buyers recognise that they can offer above sale-price and are buying up big. Tweed Heads postcode usually generates higher prices but sales in Banora have been going thru the roof.....