Aerial view Gold Coast property. Source: realestate.com.au
The Gold Coast property market is showing “remarkable resilience” following the Covid pandemic despite predictions it was on an unsustainable upward trajectory.
Ray White Group chief economist Nerida Conisbee said the city’s median was continuing its strong run, with prices well in excess of the pandemic peak.
Ray White Chief Economist Nerida Conisbee. Picture: Tertius Pickard
Aerial view of the Gold Coast from Palm Beach facing north.
“The Gold Coast, once known primarily as a tourist destination, has been experiencing a transformation, one that started at the beginning of the pandemic,” Ms Conisbee said.
“Despite widespread expectations that the pandemic driven price rises would tumble back once interest rates started to rise, the local real estate market has shown remarkable resilience.
After a brief pause, prices have continued their upward trajectory, defying conventional wisdom and cementing the Gold Coast’s position as one of Australia’s most dynamic property markets.”
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8 Kerry Court is going to auction on November 2. Source: realestate.com.au
Latest Ray White data reveals the median house price on the Gold Coast is almost $1.2 million while the median unit price is approaching $850,000.
“These figures not only reflect the intense demand for Gold Coast property but also highlight the area’s transition from a holiday destination to a sought-after permanent residence for many Australians and international buyers alike,” Ms Conisbee said.
Ms Conisbee said one of the key drivers behind the Gold Coast’s property boom was the region’s explosive population growth.
“Last year, the city witnessed a record-high influx of new residents, with close to 20,000 people choosing to make the Gold Coast their home,” she said.
“This remarkable growth rate is putting significant pressure on the local housing market, driving up demand for both rentals and properties for sale.”
Gold Coast property aerial. Source: realestate.com.au
While the broader market performs strongly, the luxury property market has hit new heights.
“High-end houses and apartments on the Gold Coast are becoming increasingly opulent, catering to a growing demographic of wealthy buyers seeking premium coastal living,” she said.
Earlier this month Rob Gray of developer, Graya, sold his epic Gold Coast mansion for a Burleigh Heads record of $11m to online fitness coach Adam Sullivan of Evidence Based Training.
Burleigh Heads mansion ‘Dune’ changed hands for $11 million. Image supplied.
The property called Dune includes a five-bedroom, Moroccan-inspired home featuring a rooftop pool.
“The rise of this ultra-luxury market segment is not only reshaping the city’s skyline but also attracting a new class of residents and investors to the region,” Ms Conisbee said.
Ms Conisbee said several factors suggested this growth would continue including sustained population growth, anticipated interest rate cuts and land scarcity.
But she said one of the most pressing challenges facing the Gold Coast was the development of affordable housing.
“As property prices soar, there’s an increasing need for more affordable options, particularly for essential workers and young families.
8 Yacht Street, Southport is going to auction on November 1. Source: realestate.com.au
“However, developers are finding it increasingly difficult to fund and construct cheaper apartments.
“Addressing this issue may require a multi-faceted approach involving local government, developers, and community organisations to ensure the city maintains a diverse and sustainable community.”
“As this coastal city continues its rise, it may well redefine what it means to be a thriving Australian metropolis in the 21st century – one that successfully balances luxury developments with accessible housing options for all residents,” she said.
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