Gold Coast house prices soar to become Australia’s second most expensive
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Gold Coast’s median house price has reached $1.17 million, making it the second most expensive housing market in Australia, according to a recent report from Ray White Surfers Paradise Group.
The city’s growth rate is on track to match Sydney’s current $1.7 million median by 2027, outpacing the national average.
Ray White chief economist Nerida Conisbee highlighted the strong performance of the luxury market in driving this growth.
“Luxury continues to be the top performer, with the luxury housing market significantly outperforming the market as a whole,” Ms Conisbee said.
Key factors contributing to the Gold Coast’s property boom include:
- Increased interstate migration from capital cities
- Growing appeal as a luxury destination
- Rise in renovation and investment activity
- Improved quality of available housing
Andrew Bell, Chairman of Ray White Surfers Paradise Group, attributed the population surge partly to people seeking refuge from COVID-19 restrictions in major cities.
“There is continuous momentum,” Mr Bell said, noting that new residents often attract friends and family to the area.
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Recent Australian Bureau of Statistics data showed 19,170 new Gold Coast arrivals in the year to 30 June 2023. The city is projected to reach a population of one million by 2037.
Ms Conisbee stated that the Gold Coast market has “fully recovered and continues to experience strong price growth” post-pandemic.
Mr Bell described the Gold Coast as “a world-class city to live in” that has matured in terms of amenities and employment opportunities.
“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,” he concluded.
This rapid growth in the Gold Coast property market reflects its increasing appeal as both a lifestyle destination and a sound investment opportunity.