Gold Coast real estate prices are shifting
A suburb-by-suburb breakdown of the Gold Coast property market has revealed a staggered cooldown, with ultra-wealthy pockets defying the city’s first overall price dip in nearly four years.
Exclusive PropTrack valuation data for the June quarter shows the Glitter Strip remained incredibly resilient, despite a slight drop of 0.3 per cent in the city’s median dwelling price to $1.18m.
While more than $100,000 was wiped from some high-end markets across Greater Brisbane, just eight Gold Coast suburbs recorded falling prices over the past three months, PropTrack’s most recent granular report shows.
28 Cayman Dr, Clear Island Waters sold for $2.05m
The data reveals a subtle reality check is emerging, concentrated in specific mortgage-belt suburbs and a handful of premium pockets.
Bundall houses recorded the city’s biggest quarterly wipeout, shedding $56,646 to bring the median house value down to $2.28m.
Houses in Willow Vale (down $14,193) and Oxenford (down $9,312) also softened, while units in Surfers Paradise took a $12,712 hit over the quarter to $853,643.
But those drops were offset by big gains elsewhere. Houses in Runaway Bay surged by $163,573 in just three months to a new median of $1.98m, while the ultra-prestige Surfers Paradise housing market bucked the unit dip, adding $79,000 to hit $3.27m.
Coastal agent Ed Cherry
Coastal property agent Ed Cherry said the broad national statistics failed to capture the reality on the ground for the Gold Coast, noting his office had just recorded its busiest 30 days of the year.
He said while “transitional buyers” constrained by tightening lending conditions were pumping the brakes, the ultra-wealthy were unbothered.
“The way the property market is being portrayed by national statistics is not aligned with the Gold Coast — particularly for that high-end bracket, where we are feeling it’s the exact opposite,” Mr Cherry said.
45 Oregon Way, Oxenford sold for $1.042m
“For properties marketed in the high $2 millions to mid $3 millions, and into the $4 millions, inquiries have slowed down because those are the transitional buyers. But for high-end sellers who aren’t constrained by lending conditions, say north of $5 million, that is where we are seeing the most activity and inquiries.
“We are particularly seeing expats coming back and finding opportunity. Although there are fewer buyers and they are more selective, the buyers who are coming through are highly educated.”
Real Estate Institute of Queensland (REIQ) CEO Antonia Mercorella said a continued tide of interstate migration and returning wealth was cushioning the southeast, protecting it from the deeper property freeze playing out elsewhere.
She said New South Wales was still bleeding residents straight to Queensland, accounting for 60.3 per cent of the state’s net interstate migration gain.
Real Estate Institute of Queensland CEO Antonia Mercorella. Picture: Richard Walker
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Discover Buyers Agency principal Kane Dury agreed, noting diverse local economies were making regional growth durable.
“Higher interest rates and the new investor tax settings have knocked confidence in the big cities, but they haven’t changed the fundamentals in the regions with too many people chasing too few homes,” Mr Dury said.
Discover Buyers Agency principal Kane Drury
But the forward outlook remains volatile. Leading property valuers Herron Todd White (HTW) warned the recently passed Federal Government tax reforms had caused widespread industry panic.
HTW CEO Peter Maloney said 78 per cent of surveyed property professionals expected residential values to decline over the next two years, suggesting the Gold Coast’s resilience could soon face its toughest test.
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