Latest figures show the Gold Coast is defying a broader downturn in borrowing power, with home prices surging more than $134,000 in a year to record highs.
Gold Coast home values jumped 12.28 per cent in 12 months - a rise of about $134,000.
The PropTrack Home Price Index, released Friday, shows Gold Coast dwelling values jumped 12.28 per cent over the past year to a median of $1.199 million - a rise of about $134,000.
House prices rose $162,000, or 12.06 per cent, to $1.451 million, while units climbed 12.77 per cent, or about $112,000, to a median of $992,000.
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This 4-bedder at 51 Cayman Drive, Clear Island Waters, sold for $2,450,000 on April 30.
Prop Track senior economist Eleanor Creagh believes the Gold Coast may be more insulated from a correction due to chronic undersupply, strong demand and population growth.
The Gold Coast surge sits alongside continued strength across regional Queensland, where overall dwelling values rose 13.9 per cent over the past year to $832,000.
PropTrack senior economist Eleanor Creagh warned the pace of growth was already facing headwinds, with borrowing power expected to fall by up to 10 per cent if further rate rises materialise this year.
“Slower growth and further price declines are probably likely in the months ahead. It looks like we’ve approached a turning point,” she said, noting higher rates would continue to erode borrowing capacity even as prices remain elevated.
“Where it is good news for buyers is less competition, lower clearance rates, buyers regaining negotiating power,” she said. “That can mean better outcomes, even if prices don’t fall much.”
But Ms Creagh said the Gold Coast may be more insulated from a correction due to chronic undersupply, strong demand and population growth.
“I think that’s certainly a factor that’s going to continue to place a floor under prices,” she said.
This 3-bed townhouse at 2/70 Palm Beach Avenue, Palm Beach, fetched $1,325,000 on April 30.
A two bed 117m² apartment at 701/27 Garrick Street, Coolangatta, sold for $1,650,000 on April 30.
“We know that population growth and ongoing supply constraints exist, and those are potentially going to be exacerbated further by high construction costs and elevated interest rates, so that floor under prices is going to remain.”
Across Queensland, the strongest growth was recorded in SA4 regions surrounding Greater Brisbane, led by Ipswich, where median home values rose 21.5 per cent - or about $162,000 - to $913,000.
This was followed by Logan–Beaudesert, up 20.7 per cent to $942,000 (about $160k higher than a year ago), Darling Downs–Maranoa up 20.4 per cent to $557,000 (about $95k growth),
Toowoomba was up 19.9 per cent to $813,000 (over $130k higher), and Moreton Bay South jumping 18.8 per cent - or roughly $170,000 - into million-dollar territory at $1.073 million.
Townsville recorded strong gains, with house prices up $89,000 or 15.11 per cent to $668,000 and units surging $101,000 or 24.28 per cent to $517,000.
Cairns also posted solid growth, with house prices up $88,000 to $741,000 and units rising $57,000 to $441,000, pushing overall dwelling values up $78,000 to $658,000.
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