The Gold Coast property market is experiencing an unprecedented boom, overtaking other major Australian cities and attracting significant interest from investors and luxury buyers. With a median house price of $1.17 million, the region now boasts the second-highest median property price in Australia, trailing only Sydney’s $1.7 million, according to Ray White Chief Economist Nerida Conisbee.
Speaking at the Ray White Surfers Paradise Group Exclusive Market Report Event, Ms Conisbee highlighted the Gold Coast’s impressive rise, with house prices growing 9% over the past year, outpacing the national average of 8.5%. This growth positions the Gold Coast as a more lucrative investment option than even Sydney, which is often recognised as one of the world’s top property markets.
“Luxury continues to be the top performer, with the luxury housing market significantly outperforming the market as a whole,” Ms Conisbee said.
She added that if growth continues at its current pace, the Gold Coast could match Sydney’s median price by 2027.
Known for its luxury lifestyle, the Gold Coast region recorded 56 sales over $5 million last year, highlighting its appeal to affluent buyers.
“The Gold Coast could be called the Miami of Australia,” said Conisbee. “There are far more great dining and lifestyle options available than ever before. It’s a significant shift for the region.”
The influx of wealth at the top end of the market has led to “incredible homes being built,” she noted.
New research from the Australia Institute shows the wealth of the very rich has tripled in the past two decades with the top fifth of households holding wealth 146 times greater than the bottom fifth – this bodes well for real estate professionals who are shaping up to service the top end of town.
The Gold Coast has also become a favourite for some of Australia’s wealthiest individuals, including prominent property developers such as Bob Ell and Harry Triguboff, who own homes in the area. Other celebrity sightings at hotspots like the Marina Mirage precinct have included Colin Firth and Hugh Jackman.
The growing appeal of the Gold Coast is also being fuelled by migration from major cities. According to the Ray White report, 15,300 people moved to regional Queensland in 2023, with many choosing to settle on the Gold Coast. This population movement has driven a noticeable improvement in housing quality, supported by a surge in renovation activity.
“There is a lot more investment in housing from people coming from Melbourne and Sydney,” Ms Conisbee said, noting that many of these buyers are either downsizing or purchasing larger homes on the Gold Coast while retaining city apartments.
While the Gold Coast property market is thriving, Chairman of Ray White Surfers Paradise Group, Andrew Bell, acknowledged that rising interest rates are reducing the number of potential buyers.
“Higher interest rates have taken their toll on the number of people in the market looking for a home,” he said.
For real estate agents looking to capitalise on this booming market, certain Gold Coast suburbs are experiencing exceptional growth. Surfers Paradise North led the way with an average price increase of $248,486 over the past year, followed by Mermaid Beach ($223,201), Clear Island Waters ($194,718), and other high-growth areas such as Runaway Bay and Paradise Point. The luxury market also saw impressive activity, with Surfers Paradise and Broadbeach Waters topping the list for $5 million-plus sales.
