THE PRACTITIONER'S COMPANION
Wednesday 6 November 2024

Gold Coast house prices up to a previously “unthinkable” $1.2 million.

Record numbers moving to the strip of south-east Queensland continue to push house and unit prices up, according to economist Nerida Conisbee.

2 min read
Gold Coast house prices are up to a previously "unthinkable" $1.2 million.

HOUSE prices are up to $1.2 million in the glittering and fast-growing Gold Coast, according to Ray White.

As record numbers move to the strip, median price for units are approaching $850,000, the firm’s chief economist Nerida Conisbee.

“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,” she said. 

“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.

“The Gold Coast median is continuing its strong run, with prices well in excess of the pandemic peak. 

“As of the latest data, the median house price on the Gold Coast is now close to $1.2 million, a figure that would have seemed unthinkable just a few years ago. 

The unit market has also seen substantial growth, with the median unit price approaching $850,000.”

The figures, according to the economist, 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.

She added: “One of the key drivers behind the Gold Coast’s property boom is 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.

“This remarkable growth rate is putting significant pressure on the local housing market, driving up demand for both rentals and properties for sale.

“The influx of nearly 20,000 new residents in a single year is a testament to the Gold Coast’s appeal, offering a combination of lifestyle, employment opportunities, and relative affordability compared to other major Australian cities.

“This population surge has major implications for urban planning, infrastructure development, and the future of the local property market.”

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