Gold Coast property prices have hit a record high, with the Glitter Strip now the second most expensive city in Australia.
Ray White chief economist Nerida Conisbee was on the Gold Coast this week, where she revealed the city’s median price was $1.17m, only topped by Sydney’s median of $1.7m.
Ray White Surfers Paradise Group boss Andrew Bell and Ray White Chief Economist Nerida Conisbee. Picture: Tertius Pickard
The Ray White Gold Coast Property Reportshowed house prices on the Gold Coast jumped nine per cent over 12 months, compared to the national average of 8.5 per cent.
“It was a pretty affordable market pre-pandemic but now it is the second most expensive after Sydney and increasing at a rapid rate,” Ms Conisbee said.
“That momentum that has been built on the Gold Coast does look like it will continue.
“Luxury continues to be the top performer, with the luxury housing market significantly outperforming the market as a whole.”
Aerial view Gold Coast property. Source: realestate.com.au
The Ray Whitereportshowed 56 properties traded for more than $5m each on the Gold Coast over the past 12 months.
“The Gold Coast could be called the Miami of Australia,” Ms Conisbee said.
“There are far more great dining and lifestyle options available than ever before. It’s a significant shift for the region.”
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Clive Palmer splashed $28m on a triple block in Mermaid Beach earlier this year.
She said there was substantially more money in the prestige market with “incredible homes being built”.
Some of the country’s richest Australians, including property developers Bob Ell and Harry Triguboff, have properties on the Gold Coast while billionaire mining magnate Clive Palmer sunk more than $70 million into the city’s beachfront real estate over the past six months.
The report found migration from Sydney and Melbourne to regional Queensland remained high with 15,300 moving to the region in 2023.
Gold Coast property aerial. Source: realestate.com.au
At the same time, there was a lift in the quality of housing, fuelled by renovation activity, Ms Conisbee said.
“There is a lot more investment in housing from people coming from Melbourne and Sydney and either downsizing or keeping a city apartment and buying a larger home on the Gold Coast,” Ms Conisbee said.
Andrew Bell in action as an auctioneer at Ray White Surfers Paradise Group’s annual mega auciton event earlier this year. Picture: Glenn Campbell
Ray White Surfers Paradise Group boss Andrew Bell said property wealth on the Gold Coast was now spread across the city from Coolangatta to Calypso Bay.
“The Gold Coast might once have been a place you would only buy a holiday home but now we are seeing a belief in the region like never before,” Mr Bell said.
“The city is fully mature in terms of shopping, schools and employment and it has become a world class city to live in.”
However Mr Bell said it wasn’t good news for all buyers with higher interest rates impacting many.
“There are still opportunities to buy into the market at the more affordable end but buyers need to change their thinking,” Mr Bell said.
“With prices moving up and a continued shortage of available homes, moving further afield, or buying an apartment rather than a house, are both good options.”
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