Glitter stripped: $52k wiped from Gold Coast homes in months

Add as a preferred source on GoogleAerial view of the stunning Gold Coast skyline on a sunny day, Queensland, Australia The Gold Coast’s post-pandemic glamour run has hit the wall with house values tumbling nearly $52,000 from peak as soaring mortgage rates push buyers past their borrowing limits. New figures from the Realestate.com.au Home Price Index, out Monday, reveal greater Gold Coast dwelling values fell 0.26 per cent in October to a median of $1,147,000 – wiping roughly $35,474 or 3 per cent from its all-time high. Houses have borne the brunt of the correction, with a 3.6 per cent peak-to-trough drop that took an estimated $51,946 in equity away from the typical Gold Coast house – pulling annual price growth down to just 0.66 per cent at a time when headline inflation is hitting 4.3 per cent. An aerial of the Gold Coast, showing the skyline of Broadbeach, Surfers Paradise and Broadbeach Waters. Picture: Supplied Units proved far more resilient in October, dipping just 0.07 per cent over the month to a median of $943,000 (down $5,597 or 0.59 per cent from peak), with annual growth holding at 2.58 per cent. Realestate.com.au senior economist Eleanor Creagh warned the Gold Coa...