Gold coast property market update

The release of CoreLogic’s home value index confirmed house prices had fallen in renowned property markets such as Sydney and Melbourne for the first time since the pandemic. Whispers of a downturn swirling alongside looming interest rate rises have grown louder, while economists finally said it: the boom is over.

Not for the Gold Coast though...

• Urban Developer’s latest insights reveal the median house price is quickly nearing the $1-million mark. GC house prices have increased by a staggering 35.1 percent in the past year (four times more than expected), with the median price now $966,000.

• The home value index showed further gains of two per cent in March, with a typical Gold Coast house now about $287,000 more expensive than it was at the beginning of 2021, while apartments have experienced a gain of $163,000.

• Data from Domain shows median price increases of almost 60 percent across some GC suburbs last year, with Paradise Point and Palm Beach topping the list at 58.3 percent ($1.9m) and 49.9 percent ($1.37m), respectively.

• Significantly surpassing expectations last year, prices are expected to rise further amid latest predictions it, along with neighbouring Brisbane, may outperform all other Australian capitals in 2022.

We know what you're thinking... But how much longer can it last?

Even with those heady quarterly gains across the Gold Coast this year, gains were lower than what we saw through 2021, and that’s not a bad thing!

Whether the GC market continues to rise or begins to slow, the consequence of a quieter landscape should be a plateauing of house prices on the Gold Coast, rather than steep decline. Underpinning this is the consensus that our local real estate market has been undervalued for some years, while the city’s liveability has leaped ahead at the same time.

With increased demand and low stock, opportunities to secure a home, let alone an incredible beachside or waterside residence in some of the most sought-after suburbs on the Gold Coast, do not last long.

Sources:
The Urban Developer
REA
ABC News