PropTrack economist Eleanor Creagh.
Gold Coast property values have jumped $2900 each week over the past year, cementing the Glitter Strip as Australia’s second most expensive city behind Sydney.
The latest PropTrack Home Price Index, out Monday, found Gold Coat home prices surged $151,000 annually, or 12.81 per cent, to reach $1.18m for all dwellings (houses and units).
3301/1 Como Crescent, Southport.
The Gold Coast sits ahead of Brisbane’s median of $1.046m but still behind Sydney at $1.255m.
Interest rate hikes have not deterred buyers yet with supply struggling to keep up with booming demand.
PropTrack senior economist Eleanor Creagh said short-term momentum was still strong on the Gold Coast.
“Prices are still lifting at a double digit pace annually,” Ms Creagh said.
“There isn’t a significant slowdown, no meaningful cool down.
“Gold Coast, like Brisbane, remains supported by structural population growth and strong interstate migration, which have put pressure on prices.”
MORE NEWS: Barber’s $8m payout amid ‘hot husband’ split
How two 20-something Aussie YouTubers built an $11m property empire
Developer launches tallest residential tower in Newstead
13 Whittington Way, Maudsland recently sold for $2.95m.
Gold Coast houses were up 11.71 per cent to a median of $1,413,743 over the year, while units recorded a bigger jump, up 14.39 per cent to $978,718.
“Unit price growth outpaced houses, indicating demand is shifting towards more affordable stock,” Ms Creagh said.
Ray White senior data analyst Atom Go Tian.
Ray White senior data analyst Atom Go Tian said the Gold Coast was now the second most expensive housing market in the country.
“The growth has been going up and the gap between Sydney and the Gold Coast is narrowing which is interesting to see,” Mr Go Tian said.
“This growth is driven by three interest cuts last year.
“This may dampen this year with inflation increasing but in the long run we are seeing sustained growth — the population is increasing, there are supply constraints and unemployment is at an all time low.”
85/18 Remembrance Drive, Surfers Paradise recently sold for $1.105m.
Mr Go Tian said a lot of population growth over the next 20 years would be concentrated to Coomera and surrounds.
“It’s an affordable area and the growth there is really strong,” he said.
“Labrador and Southport are also capturing a high amount of that and so is Mermaid Beach.”
Greater Brisbane dwelling prices surged 15.9 per cent over the past year, with regional Queensland up 13.4 per cent.
Nationally, dwellings were up 9.1 per cent over the year.
Help us improve your reading experience
Got a minute? Your feedback will help us build a better experience for you.
Help us improve this page
English (US) · 