Double-digit growth in Gold Coast property market

PRD Real Estate figures has recently revealed a jaw-dropping increase of 20.2% in Gold Coast Metro’s median house prices, while units have increased by 10.2% amid pandemic. Median house prices are now setting at $787,000 while units’ median price at $496,000. The report was based on the first quarter of 2021 as compared to first quarter of 2020 last year. The latest Corelogic home value index also reported Gold Coast’s dwelling prices have risen by 2% on a rolling four-week basis.

The double-digit growth has emerged Gold Coast to be named one of the best performing real estate markets in Queensland over the past year. Apart from the median price increase in houses and units, the sales volume has also increased by 52.9% (2,347 sales) for houses and 75.6% (3,520 sales) for units in the same period. PRD has considered the increase as a great news for current and future owner-occupiers, giving buyers full confidence of the property’s market value. Increased sales activity also indicates real returns in capital investment, PRD added. The average days on the market has also been affected, declining by -30.3% to 46 days.

Gold Coast median house price of $787,000 continues to attract interstate migrants from the larger markets of southern states where the median is currently sitting at $1.25 million in Sydney, and Melbourne at $945,000.

Below are the top performers across the Gold Coast Metro over the first half of 2021:

Area Suburb Median Price 2020/21 Price Growth
Inner Surfers Paradise – House $1,715,000 14.30%
Inner Carrara – Unit $480,000 4.30%
North Runaway Bay – House $1,100,000 5.60%
North Jacobs Well – Unit $690,000 21.10%
South Mermaid Beach – House $1,670,000 14.70%
South Robina – Unit $505,000 7.40%
West Nerang – House $516,000 12.20%
West Nerang – Unit $346,000 6.50%

Credit: PRD Real Estate Report