The Gold Coast has long been known for its beautiful beaches and vibrant lifestyle, but in recent years, it has also become a hotspot for luxury real estate. With a median price of $1.17 million, the Gold Coast now ranks as the second most expensive region in Australia, just behind Sydney. According to Nerida Conisbee, Chief Economist with Ray White, if current growth trends continue, the Gold Coast could surpass Sydney’s median price by 2027.
In the last 12 months, house prices on the Gold Coast have seen a 9% increase, outperforming the national average of 8.5%. This growth is particularly evident in the luxury housing market, which has been a top performer in the region. Conisbee notes that there has been a significant shift towards luxury lifestyle on the Gold Coast, with an increase in five-star restaurants and premium properties.
At the Ray White Surfers Paradise Group Exclusive Market Report Event, Conisbee highlighted how the Gold Coast has become Australia’s star in terms of real estate. The region has seen a rise in high-end property sales, with 56 transactions over $5 million in the past year alone.
The Gold Coast’s transformation into a luxury destination has drawn comparisons to Miami, with a wealth of dining and lifestyle options now available. The influx of wealthy individuals to the region has led to the construction of incredible homes, further driving up property values.
Notable figures such as property developers Bob Ell and Harry Triguboff have invested in Gold Coast properties, while popular spots like the Marina Mirage precinct have attracted celebrities like Colin Firth, Penelope Cruz, and Hugh Jackman. The region’s appeal has also led to a significant increase in population, with many individuals relocating from cities like Sydney and Melbourne to enjoy the Gold Coast’s high quality of life.
Despite its past reputation as a boom-and-bust market, the Gold Coast has shown resilience in recent years. Conisbee notes that the region has fully recovered from the pandemic-induced property price fluctuations and continues to experience strong growth. Andrew Bell, Chairman of Ray White Surfers Paradise Group, emphasizes the belief in the Gold Coast as a world-class city to live in, with opportunities for buyers at various price points.
While the Gold Coast’s property market is booming, Bell acknowledges that higher interest rates have made it challenging for some buyers to afford homes in the region. He advises potential buyers to consider alternative options such as apartments or properties further afield to make their purchase more feasible.
In terms of growth regions, areas like Surfers Paradise North, Mermaid Beach, and Clear Island Waters have seen significant increases in property values. The Gold Coast suburbs with the most sales under $750,000 include Surfers Paradise, Southport, and Pimpama, offering more affordable options for buyers.
Overall, the Gold Coast’s rise as a luxury real estate destination is a testament to its growing appeal and investment potential. With a diverse range of properties and a strong market outlook, the region continues to attract buyers seeking a high-end lifestyle in a beautiful coastal setting.
