Housing Prices Gold Coast – 2024 Update

The Gold Coast, famous for its sun, surf, and vibrant lifestyle, has long been a sought-after destination for holiday-makers, homebuyers and investors alike. Its property market, while subject to the same macroeconomic forces as other parts of Australia, has unique characteristics driving demand in the area.

As we move through 2024, the trends in Gold Coast property prices are worth examining for those looking to buy or sell in this dynamic region.

Key Takeaways

• The Gold Coast housing market now boasts a median house price of $1.2 million according to the Queensland Government Statistician’s Office, making it Australia’s second most expensive property market after Sydney
• Population growth and interstate migration have been significant drivers of demand
• The rental market remains under pressure, with low vacancy rates

Current Housing Market Overview

With median house prices sitting at over $1 million at the time of writing, the Gold Coast has undergone significant growth in recent years, and is now one of Australia’s most expensive real estate markets.

There has been an incredible 79% surge in prices on the Gold Coast since the first quarter of 2020. The hikes in interest rates of recent years has done little to quell capital growth in the region, showing high demand and resilience in the market.

To make sense of this incredible shift towards higher price points, let’s take a look at what factors are at play in driving growth.

Factors Driving Price Growth

The property market on the Gold Coast has seen a significant uptick in house and unit prices, which is largely attributed to the burgeoning population growth. The surge of people relocating from New South Wales and Victoria to Queensland (giving the Sunshine State Australia’s highest rate of net internal migration by a fair margin) has markedly influenced the property market on the Gold Coast, driving demand higher.

These interstate transplants are not just looking for a change in residence, but seeking an upgraded quality of life. Consequently, these buyers – who often come from more expensive markets like Sydney – are contributing to elevated property prices by pursuing options along the stunning beaches of the Gold Coast.

Part of what’s driving Australia’s second most expensive property market is a knock on effect of the broader economic growth of Brisbane, which has recently overtaken Melbourne as Australia’s second most expensive capital city.

Post-Covid socio-economic changes, such as the normalising of remote work and work from home arrangements also contribute to greater spread in where people are choosing to live.

Unit Price Growth

Due to their affordability in comparison to detached dwellings, units have become a popular choice for down-sizers, investors and new entrants to the property market. Unit prices on the Gold Coast have also undergone significant growth in the past few years, with the median unit price currently around $750,000, up 15% from 2023.

Our internal data shows that over 50% of sales on the Gold Coast are of attached dwellings (units or townhouses) as opposed to regional Queensland locations such as Bundaberg and Townsville, where units make up 8% and 19% of residential property sales respectively.

Our guide to body corporate disclosure statements is essential reading for prospective buyers and sellers of units or townhouses on the Gold Coast.

Suburb Specific

The Gold Coast region is a large geographic area, stretching from the beaches to the hinterland, and there is a just as much variety in the median price range between areas as there is topographically. For example, the median house price in Pimpama is currently around $770,000, whereas Surfers Paradise is currently sitting at a median house price of just over $3 million.

Coolangatta has experienced an increase in property values by 17% from 2023, cementing its status as a sought-after location for luxury real estate and beachfront access. Similarly, Mermaid Beach’s properties are seeing increased interest due to their blend of seaside charm and urban amenities.

Some of the variety in median price points between Gold Coast suburbs is reflective of the presence of premium properties in some locations compared to other suburbs. However, the spread is also indicative of the value of shopping around; there remain opportunities to enter the market at a comparatively low price point.

Rental Market

The housing rental market has experience significant strain, with average rents rising over 50% from 2020.

Post-Covid, the vacancy rate on the Gold Coast dipped to an incredible low of 0.5%, with the scarcity in available housing placing additional upward pressure on rents, although vacancy rates appear to have turned a corner in recent months.

Challenges for First Home Buyers

The escalating property prices in the Gold Coast’s expensive real estate market present an obstacle for first homebuyers. As median property prices soar past the $1 million mark in certain places, this rapid price growth is thwarting the younger generations’ aspirations of securing a place to call their own. Partly in response to rising costs of living across the board, the Queensland government recently raised the first home owner stamp duty concession threshold.

Future Projections

According to projections by the Gold Coast City Council, the region’s population will reach one million by 2050, with some analysts predicting that the median house price might surpass $2.5 million by 2030, if current trends persist.

Prospects for ongoing expansion within the Gold Coast’s housing market remain strong due to  the fantastic lifestyle it offers, growing population and sustained buyer interest.

Buying Or Selling on the Gold Coast

If you haven’t bought or sold residential property in a while and need a refresher, you might find our conveyancing roadmap useful, as well as our detailed articles on making an offer, how deposits work, and understanding the basics of a contract of sale.

Summary

In summary, the Gold Coast housing market is experiencing dynamic changes driven by population growth, limited supply and a booming rental market.

As we look ahead, the Gold Coast is poised for continued growth and transformation. Whether you’re a potential homebuyer, investor, or simply interested in the market, understanding these trends and projections can help you navigate this exciting real estate landscape.

More Questions?

Our expert local conveyancing team has been operating on the Gold Coast since 2017, and are available to answer any questions you have about the buying and selling process.

Reach out to us today, or head over to our quote page to have a custom quote emailed to you.

This article is not legal or financial advice and is general information only. Data presented is as at the date of publication and is subject to change.