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Current Outlook of the Gold Coast Property Market in 2024
Whether you're eyeing an investment property on the Gold Coast or contemplating selling your current one, understanding the market dynamics is crucial for maximising your return on investment (ROI).
Let’s start by taking a look back at what the key drivers have been for the Gold Coast market recently.
What is driving the housing market on the Gold Coast?
The Gold Coast, like Brisbane, has some key drivers that have pushed property prices to record levels over 2023.
These include
- 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 the Gold Coast an appealing destination for investors seeking stable and growing returns.
What did the Gold Coast property market look like in 2023?
The Gold Coast property market has recorded solid growth over the year-to-date, with median house prices up +7.6 per cent over the past 12 months.
The latest Real Estate Institute of Queensland (REIQ) data indicates that The Gold Coast's median house price has hit the magic $1m mark (Nov, ‘23). The upward trend is also evident in the unit market, where the median on the Gold Coast reached $655K. Sales volumes for houses on the Gold Coast (1,822) over the quarter were second only to Brisbane (2,888) in the state, displaying robust demand. It’s a similar story for the unit market, where Brisbane (2,835) and the Gold Coast (1,621) dominated the number of quarterly sales for units.
Gold Coast real estate market predictions 2024
Despite the prospect of rising interest rates, the Gold Coast property market is expected to remain resilient due to its strong fundamentals, which we detailed above.
Domain’s Forecast Report for 2023-24 predicts Gold Coast houses and unit prices will reach, ‘a new record high’ with growth slowing slightly. They predict houses will grow +2-4 per cent, and units +1-2 per cent in ‘24.
QBE’s Australian Housing Outlook 2022 - 2025 believes the main growth drivers will help the city to outperform in the short run. However, the insurer believes tightening credit conditions will, ‘...lower borrowing capacities’, which are, ‘expected to crimp affordability and drag on prices’. It forecasts house price growth in 2024 at just +1 per cent, with units set to grow by +2 per cent over the same timeframe.
How are Gold Coast house prices expected to change in 2024?
Gold Coast house prices are expected to continue their upward trajectory in 2024, albeit at a slower pace than the COVID era. Analysts predict a modest increase of +2-4 per cent for median house prices, with unit values projected to grow +1-3 per cent.
What's the Gold Coast apartment market like?
Despite escalating interest rates, the Gold Coast apartment market has been resilient and actually grown throughout 2023.
According to the Real Estate Institute of Queensland (REIQ), median unit prices rose +5.4 per cent over the past year for a median of $650,000 (September 2023). This has been driven by a number of factors, including robust rental demand, with a low vacancy rate of 0.5 per cent evidence of this. Contrast this with a national average of 1.1 per cent. There have also been supply constraints, which have failed to keep pace with current demand, which has reinforced price growth for units. Rents have also risen over FY23, up +7 percent.
What are the best suburbs to invest in the Gold Coast in 2024?
CoreLogic’s National Home Value Index report (Nov, ‘23) identifies Southport in its top 10 regional areas with the highest value growth over the past year. Dwellings have risen +9.6 per cent over this timeframe for a median value of $797,003. Other locations this report highlights includes:
Surfers Paradise on the Gold Coast, which has grown +11.3 per cent for a median of $795,489.
Nerang on the Gold Coast, which has grown +10.3 per cent for a median of $902,556.
Ormeau - Oxenford on the Gold Coast which has grown +8.1 per cent for a median of $847,795.
And if you are interested in Coomera and wondering if it is a good place to invest, units currently have a median of $540,000 and have grown a healthy +9.1 per cent over the past year. Houses have underperformed against those metrics, up +2.3 per cent for a median of $767,500 over the same timeframe.
Source: OpenAgent