Nestled along the picturesque coastline of Queensland in Australia, lies the vibrant and dynamic Gold Coast region. Renowned for its stunning beaches, thriving tourism industry and enviable lifestyle, the Gold Coast is not only a sought-after destination for holidaymakers but is also a hotspot for property enthusiasts.
So, what makes the Gold Coast an appealing destination for investors? Let’s explore the Gold Coast residential property market and some tips for first-time investors.
Key factors influencing the Gold Coast housing market
Four key factors are currently influencing the Gold Coast housing market, and these are:
- Sustained population growth from interstate, including sea-changers and retirees
- Relatively affordable median property
- Strong rental yields which have increased by 38 per cent over the past three years
- Significant investment in infrastructure, specifically the light rail expansion and the Cross River rail project
This makes this region an appealing destination for investors seeking stable and growing returns.
What does the Gold Coast property market currently look like in 2024?
In the face of potential interest rate hikes, the Gold Coast property market stands tall, fortified by its sturdy foundations. In 2023, median house prices surged by an impressive 7.6%, crossing the ‘magic’ $1 million threshold. The unit market witnessed a similar upward trajectory, with the median price on the Gold Coast soaring to $655,000. Notably, house sales volumes on the Gold Coast ranked second in the state, trailing only behind Brisbane, showcasing the region’s resilient demand. The unit market mirrored this trend, reflecting a robust appetite among buyers.
According to Domain’s Forecast Report for 2023-2024, the Gold Coast’s property market is poised to set new records, albeit with a slight deceleration in growth. Projections indicate that house prices will continue their ascent, albeit at a more moderate pace of 2-4%, while unit prices are forecasted to climb by 1-2% in 2024.
These figures underscore the Gold Coast’s enduring appeal as a property hotspot, with sustained demand and solid growth prospects, painting a promising picture for investors.
For more of a snapshot of the Gold Coast Market, check out our joint publication with Ryder Property Research.
How are Gold Coast house prices expected to change after 2024?
As we look at house price predictions on the Gold Coast for 2024, one thing becomes abundantly clear, the upward trajectory of house prices is set to continue, albeit at a gentler pace than the rollercoaster ride of the COVID era.
Housing analysts suggest a modest increase of 2-4% for median house prices, with unit values not far behind, projected to grow by 1-3%.
But what fuels this relentless ascent? Look no further than the influx of individuals seeking to make the Gold Coast their home. According to Colliers’ 2023 Gold Coast Market Overview, the region has experienced a staggering 23% growth over the past decade, surpassing even the rate of growth in Queensland as a whole. In fact, the Gold Coast boasts the second-largest population in the state, a testament to its undeniable allure.
And the growth shows no signs of slowing down. The Queensland Government Statistician’s Office projects a further 1.8% increase in the Gold Coast’s population over 2024, fuelling demand for housing in the region’s beloved coastal suburbs. With each passing day, more and more individuals are drawn to the Gold Coast’s sun-kissed shores, adding fuel to the fire of the property market’s upward trajectory.
What are the best suburbs to invest in?
So, you’re interested in investing in the Gold Coast but not too sure where to start looking. Well, property guru John McGrath suggests starting with Southport. Southport is more affordable than Broadbeach, Burleigh Heads and Palm Beach whilst still being central to the water views of the Broadwater Parklands, Spit and Surfers Paradise. The median house price in Southport at the moment is $902,500.
If you are looking to get more bang for your buck then units are currently selling for a median price of $556,000 and have grown a respectable 9% over the last year to date. Coincidentally, CoreLogic’s National Home Value Index report (Nov 2023) identifies Southport in its top 10 regional areas with the highest value growth over the past year. Other noteworthy locations listed in the report included;
- Surfers Paradise which has grown 11.3% for a median house price of $795,489
- Nerang which has grown 10.3% for a median house price of $902,556
- Ormeau to Oxenford which has grown 8.1% for a median house price of $847,795
For those interested in the best places to invest for units, Coomera currently has a median of $540,000 and has grown a healthy 9.1% over the past year.
Chat with a local buyer’s agent
Engaging a buyer’s agent can significantly streamline the buying process on the Gold Coast. At COAST Buyer’s Agency, we have in-depth knowledge of the local market, access to off-market listings, and the expertise to negotiate the best deal on your behalf. We encourage you to reach out for expert guidance and support to navigate this journey.
Book a free 30-minute chat with the team at COAST Buyer’s Agency today for more information.
