The Gold Coast property market is currently experiencing an unprecedented boom, surpassing other major Australian cities and attracting significant interest from investors and luxury buyers. According to Ray White Chief Economist Nerida Conisbee, the region now boasts the second-highest median property price in Australia, with a median house price of $1.17 million, trailing only Sydney’s $1.7 million.
At a recent Ray White Surfers Paradise Group Exclusive Market Report Event, Ms Conisbee highlighted the Gold Coast’s impressive rise, with house prices growing by 9% over the past year, outpacing the national average of 8.5%. This growth positions the Gold Coast as a more lucrative investment option than even Sydney, which is often recognized as one of the world’s top property markets.
Luxury properties have been the top performers in the Gold Coast market, significantly outperforming the market as a whole. Ms Conisbee predicts that if growth continues at its current pace, the Gold Coast could match Sydney’s median price by 2027. The region’s luxury lifestyle has attracted affluent buyers, with 56 sales over $5 million recorded last year.
The Gold Coast has been likened to the Miami of Australia, with an abundance of great dining and lifestyle options available. The influx of wealth at the top end of the market has led to the construction of incredible homes, attracting prominent property developers and celebrities to the area.
Migration from major cities has also contributed to the Gold Coast’s growing appeal, with 15,300 people moving to regional Queensland in 2023, many of whom have chosen to settle on the Gold Coast. This population movement has driven an improvement in housing quality, supported by a surge in renovation activity.
While the Gold Coast property market is thriving, rising interest rates have reduced the number of potential buyers, according to Chairman of Ray White Surfers Paradise Group, Andrew Bell. However, certain Gold Coast suburbs are experiencing exceptional growth, with Surfers Paradise North, Mermaid Beach, Clear Island Waters, Runaway Bay, and Paradise Point leading the way in average price increases.
In conclusion, the Gold Coast property market is currently experiencing a boom that is outpacing other major Australian cities. With its luxury lifestyle, influx of wealth, and migration from major cities, the Gold Coast has become a hotspot for investors and luxury buyers. Real estate agents looking to capitalize on this booming market should focus on high-growth suburbs and the luxury market to maximize their opportunities in this thriving market.
