The Gold Coast property market continues to thrive, with significant activity across various suburbs. Based on sales data from December 2023 to November 2024, a total of 14,371 properties were sold, with an overall median price of $915,000. This analysis reveals the nuances of the local market, highlighting areas of prestige, affordability, and trends.
Key Insights from Our Data
Top 5 Suburbs by Median Price
- Advancetown: $2,300,000
- Kingsholme: $2,100,000
- Austinville: $2,011,815
- Broadbeach Waters: $1,950,000
- Tallebudgera Valley: $1,950,000
These suburbs reflect the premium property sector of the Gold Coast, driven by limited supply and high demand.
Lowest 10 Suburbs by Median Price
- South Stradbroke: $95,000
- Stapylton: $360,000
- Biggera Waters: $680,000
- Labrador: $690,000
- Coombabah: $700,000
The diversity in median prices showcases affordability pockets, particularly for first-time buyers and investors targeting areas like Stapylton and Labrador.
Properties with Median Prices Below $2M
Seventy-five suburbs had median property prices under $2 million, with notable activity in:
- Coombabah: $700,000 (171 sales)
- Southport: $750,000 (878 sales)
- Pimpama: $760,000 (679 sales)
These suburbs cater to a broader demographic, offering accessibility amidst rising property prices.
Gold Coast Housing Affordability and Demand
The Gold Coast faces a critical housing challenge. Limited land supply and heightened demand have driven property prices upward, creating a significant affordability gap (Courier Mail, 2024). Over the past three years, the number of houses sold annually has declined from 2,750 to just 55 properties in early 2024, underscoring the land scarcity issue (Courier Mail, 2024).
Rental Market Strain
- Vacancy rates have plummeted to 0.5%, among the lowest in Australia.
- Average rents have surged by 50% since 2020, compounding affordability challenges for renters (Keylaw, 2024).
Market Drivers and Government Response
The housing crisis is propelled by population growth, migration, and constrained land availability. Authorities are addressing this through:
- Development of a new City Plan by 2027 to streamline housing development.
- A $2 billion Housing Infrastructure Investment Fund, supporting the delivery of 1 million new homes over the next two decades (Courier Mail, 2024).
These measures aim to alleviate pressure on both buyers and renters, fostering long-term market sustainability.
This report is proudly sponsored by Clark Partners Real Estate, your trusted partner in the real estate market. Whether you’re looking to buy, sell, or invest in property, Clark Partners Real Estate provides expert insights and unparalleled service to help you make informed decisions. Visit them today to explore more about how they can assist you in achieving your real estate goals.
Disclaimer
This report is based on publicly available data and real estate agent records. While care has been taken to ensure accuracy, variations and discrepancies may occur. Readers are encouraged to independently verify the data before making decisions. Australian Real Estate Analytics assumes no liability for actions taken based on this report.
References
- Courier Mail, 2024. Gold Coast housing market disaster as data reveals land supply falling off a cliff. [online] Available at: https://www.couriermail.com.au [Accessed 30 Nov. 2024].
