Gold Coast emerges as Australia’s economic powerhouse, driving prestige property market boom

In a remarkable shift, the Gold Coast has surged ahead of Australia’s capital cities to become the nation’s fastest-growing economy, according to the latest industry research. The Gold Coast Property Report 2026, jointly published by COAST Buyer’s Agency and Hotspotting, highlights the region’s economic expansion, which is outpacing all other capitals. The report suggests that certain prestige homebuyers in the Gold Coast are poised to benefit significantly from this growth.

Joe Pullos, principal of COAST Buyer’s Agency, underscored the findings, describing the Gold Coast’s prestige market as the most exciting growth area nationwide. “The big winners from this wave of economic activity will be prestige homebuyers, with particular suburbs set to outperform the wider market,” Pullos stated. He attributed the continued price gains to record migration, a substantial $91 billion infrastructure pipeline, and a burgeoning jobs market.

The report reveals that the Gold Coast’s Gross Regional Product has reached $49.4 billion, exceeding forecasts by $775 million. It projects a growth rate of 10.07% over the next four years, significantly outpacing the national growth rate of 7.91%. This economic surge is driven by a fundamental shift in the region’s economic base, with construction and healthcare now surpassing tourism as the primary economic drivers. “This transformation signals a maturing, diversified economy rather than a seasonal one,” Pullos explained.

The Gold Coast is experiencing relentless population growth, with over 420 new residents arriving each week. Most of these new residents are migrating from higher-priced coastal markets in New South Wales. This influx is pushing the region’s population towards the one million mark by 2040, six years earlier than previously projected. However, this demand is colliding with a severe housing shortage. The region requires around 9,250 new homes annually to keep pace, but only 4,091 approvals were recorded in the 2025 financial year. Rental vacancies have plummeted to 1.3%, leaving fewer than 900 properties available across the entire region. Pullos remarked, “The number I’ve always watched is migration, and right now the Gold Coast is absorbing more than 400 people a week into a market that simply isn’t building enough homes. When you’ve got too many people chasing too few houses, there’s really only one direction for prices.”

Recent changes in the federal budget have further enhanced the appeal of premium owner-occupier homes. Under the proposed reforms, tax concessions on investment properties are being reduced, while the family home retains its long-standing exemption from capital gains tax. “With the proposed changes making investment property less tax-effective, the family home becomes an even more attractive place to build and hold wealth,” Pullos noted. “For buyers with capital to deploy, putting it into a high-quality home in a tightly held suburb is an increasingly compelling strategy.”

Pullos identified four standout suburbs poised for prestige gains: Mermaid Beach, Broadbeach Waters, Currumbin, and Palm Beach. Each of these areas is experiencing significant growth and offers unique opportunities for homebuyers.

Mermaid Beach

Known for its prestigious “Millionaires’ Row,” Mermaid Beach recorded the strongest house price growth in the report, with a 32% increase to a median of $3.35 million in just 12 months. Pullos highlighted, “Mermaid Beach is where the serious money goes, and the absence of any new beachfront land means the supply of these homes is fixed. When you have buyers competing for a finite pool of trophy homes in a market growing this fast, the only way is up.”

Broadbeach Waters

A long-established prestige enclave, Broadbeach Waters saw its median house price rise 15% to $2.575 million, with a striking 46% surge in quarterly sales transactions. Pullos commented, “If I had to single one out, it’s Broadbeach Waters. That 46% jump in transactions tells you buyers are moving with real conviction.”

Currumbin

Currumbin offers a sought-after beachside village existence with a median house price up 28% to $1.8 million. “Currumbin has that authentic, laid-back beach-town feel that’s become incredibly hard to find, and increasingly valuable,” Pullos said.

Palm Beach

Once regarded as a less glamorous suburb, Palm Beach has transformed into a desirable address with a median price of $1.93 million. Pullos remarked, “Palm Beach has matured into a true prestige destination, but it hasn’t yet fully repriced the way Burleigh or Mermaid have.”

The report concludes that the combination of sustained migration, a diversifying economy, chronic undersupply, and a vast infrastructure pipeline has created the conditions for continued price growth well beyond the 2032 Olympic Games. Pullos asserted, “The fundamentals here are as strong as I’ve seen. This isn’t a speculative run, it’s a structural shift in where Australians want to live and work.”