PHOTO: Gold Coast. FILE

In 2024, Gold Coast home values surged by up to 18%, with unexpected suburbs leading the growth.

Exclusive PropTrack analysis revealed that during the December quarter, house prices increased in 41 Gold Coast suburbs, while 17 experienced price drops and two remained unchanged.

PropTrack economist Anne Flaherty noted that even in the suburbs where prices fell, the declines were minimal. “The drops were few, and when compared to the growth over the past few years, they didn’t make homes significantly more affordable,” she said.

Realestate.com.au economist Anne Flaherty

Top Suburbs for House Price Growth:

  • Surfers Paradise (+3.9%)
  • Parkwood (+3.1%)
  • Southport (+2.9%)
  • Bundall (+2.9%)
  • Molendinar (+2.8%)

Mermaid Beach saw the biggest annual increase, with house prices up 17% compared to the previous year. Other notable increases included:

  • Parkwood (+15.3%)
  • Molendinar (+13.6%)
  • Gaven (+13.6%)
  • Ashmore (+13.1%)
  • Coombabah (+13.6%)

Top Suburbs for Unit Price Growth:

  • Ormeau (+18.3%)
  • Broadbeach Waters (+16.7%)
  • Merrimac (+16.6%)
  • Pacific Pines (+16.5%)
  • Nerang (+16.3%)

Broadbeach Waters recorded the largest quarterly jump in unit prices (+4%), followed by Bilinga (+3.7%) and Palm Beach (+3.4%).

According to the Propertyology 2025 Property Market Outlook, Gold Coast prices are set to rise by 10-13% this year. The report highlighted that a significant number of the 250,000 net residents who moved from Sydney over the past decade now live on the Gold Coast, where the median house price is higher than in seven of the eight capital cities.

Despite strong growth over the past five years, Gold Coast real estate is expected to continue booming in 2025 due to a robust local economy and internal migration. The luxury market remains particularly strong, although middle-income buyers may face affordability challenges.

Michael Kollosche, agency principal at Kollosche, predicted “modest to strong” growth for the Gold Coast over the next 12 to 18 months, citing tight stock levels for quality homes and strong demand for apartments from downsizers, retirees, and interstate buyers. He mentioned that properties with the right location, amenities, quality finishes, and generous parking ratios are attracting strong offers.

Michael Kollosche predicts modest to strong growth for the Gold Coast over the next 12 to 18 months

12 Knightsbridge Parade West, Sovereign Islands is currently listed for sale.

In contrast, older properties in need of refurbishment or with other compromises are seeing more cautious buyer offers. Market confidence is bolstered by expectations of rate cuts and a continuing deficit between new dwellings and net migration, which will drive growth.

The Propertyology report also forecasted growth in other major Queensland regions, including:

  • Cairns (7-11%)
  • Townsville (25-30%)
  • Mackay (12-16%)
  • Fraser Coast (5-8%)
  • Sunshine Coast (12-16%)
  • Toowoomba (9-13%)
  • Bundaberg (6-9%)
  • Brisbane (7-10%)

Ms. Flaherty pointed out that as more suburbs enter the $1 million-plus club, buyers are making compromises on location and dwelling type. “With wages, cost of living pressures, rising home values, and high rates, saving for a deposit is becoming increasingly challenging,” she said.

SOURCE: REALESTATE.COM.AU