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2024 Gold Coast Property Market Predictions
- Gold Coast's housing market value is expected to increase by 4% in 2024.
- The median value of a home on the Gold Coast sits at just over one million dollars.
- The rate of the Gold Coast's property price growth is likely to ease in 2024.
Revered for its stunning stretches of vast, sunny beaches and desirable lifestyle, the Gold Coast is an attractive real estate destination for investors and migrants. However, the Gold Coast’s housing market, like the rest of the country’s, has seen a chronic shortage of new property stock.
Although apartment sales have recently been stellar on the Gold Coast, limited supply has also plagued the precincts of the North Shore, Coastal Fringe, and Southern Beaches.
Undersupply, combined with strong population growth, have been just a couple of the factors fuelling the Gold Coast’s property price increases.
According to SQM Research figures, Gold Coast property prices recorded an annual increase of 6.5%.
CoreLogic research director, Tim Lawless, also revealed to the Property Tribune that the median house value in the Gold Coast is now a little over a million dollars at $1,100,288, and the median unit value is $721,417.
Experts are predicting the property market in 2024 on the Gold Coast to be red hot and that frestanding houses will see a 4% to 6% increase over 2024.
Weekly rents remain on an upward trajectory, vacancy remains chronically low, and established residential prices continue to surge as more people make the Gold Coast home. Established homeowners are poised to benefit from consistent capital and rental growth, a direct consequence of limited availability of stock. This trend is likely to sustain the high demand for centrally located housing while prices remain within reach.
Continued international interest
It is not just interstate migrants showing interest in the Gold Coast.
Juwai IQI co-founder and group managing director, Daniel Ho, said Asian buyers are showing considerable interest in the Gold Coast. Chinese buyer enquiries were up 138% in the third quarter of 2023, compared to a year earlier when China’s borders were still closed and the country was still in lockdown. However, Ho predicted in 2024, there will be fewer Asian buyers of investment properties and vacation homes and more buyers of primary residences.
“Most of what people consider to be foreign buying today is actually buying by new Australians who have moved to the country, intend to stay long term, and need a place to live,” he said.
“There are more than 18,000 students in Queensland, significantly more than any other country.”
Ho added that with Queensland’s tight rental market, the students who intend to stay and work after they finish their studies will likely opt to purchase.
Gold Coast’s solid fundamentals
Lawless said although housing values are still rising, the pace of growth has slowed over recent months.
“Dwelling values were up 2.8% over the three months ending November, with the rolling quarterly growth rate easing back from a recent peak of 3.9% in May,” he said.
“It’s likely the rate of growth will continue to ease through 2024 due to a combination of interest rates remaining higher for longer, worsening affordability pressures and the potential for advertised stock levels to rise from levels that are currently close to record lows.”
Although a slower rate of growth seems likely, Lawless added that other factors should continue to support a modest level of appreciation in housing values, including migration from interstate as well as overseas, persistently low supply, and a relative affordability advantage compared with Sydney.
The direction of interest rates, which currently sits at 4.35%, will also be one of the key factors in the Gold Coast’s 2024 market performance, according to Lawless.
“Any move towards lower interest rates would be a positive driver for housing demand,” he said.
“On the flip side, we can’t completely rule out further rate hikes. Another lift in the cash rate would present a clear downside risk for housing demand and housing market conditions.”
Source: The Property Tribune and CoreLogic