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Gold Coast Housing Market Insights: August 2021

Gold Coast

The Urban Developer’s latest Gold Coast housing market insights reveal that the continued population shift has lifted prices to their highest point in 30 years.

This resource, to be updated monthly, will collate and examine the economic levers pushing and pulling the Gold Coast’s housing market.

Combining market research, rolling indices and expert market opinion, this evolving hub will act as a pulse check for those wanting to take a closer look at the movements across the market.

Gold Coast median house and unit price values 


^Source: Corelogic Hedonic Home Value Index – July

The city has been in high demand from sea-change buyers with elevated household savings, drawn to increased affordability in south-east Queensland compared to rival markets in Sydney and Melbourne.

The latest Corelogic home value index shows that Gold Coast dwelling prices have risen by 2 per cent on a rolling four-week basis.

Among the biggest risers for dwelling values in the past six months have been Burleigh Heads, Carrara and Labrador, where double-digit rises have been recorded.

Gold Coast house prices remained steady with 2.2 per cent growth during July, pushing it up 7.3 per cent for the recent quarter and 25.7 per cent for the year to date.

The current median value for dwellings is $695,000 which is $16,000 higher than just a month ago.

The median house price of $847,000 continues to attract interstate migrants from the larger markets of Sydney, where the median is now $1.25 million, and Melbourne at $945,000.

The current median unit price on the Gold Coast is $516,000, which is $60,000 more than recorded at the turn of the year.

Renewed apartment development activity is now focused on the future route of the light rail between Broadbeach and the border, particularly Burleigh and Palm Beach.

Gold Coast’s housing market: policy updates

Federal budget 2021: property hits and misses

The Federal government rolled out its latest budget in May, a single-year plan centring on aged care, childcare, infrastructure, investment tax breaks and more help for home buyers as it tapers off the record spending from last year’s budget.

The budget will use superannuation incentives to help younger Australians enter the property market and older Australians vacate the family home.

While there have been some significant aids to the property industry and construction sector, experts have also noted some missed opportunities.

Queensland budget announcement

The state government plans to establish a $1-billion housing investment fund according to its 2021-22 budget.

The fund is expected to generate $160 million in four years which will be used to “drive new supply to support current and future housing needs”.

A further $265 million would be spent delivering satellite hospitals to Bribie Island, Caboolture, Brisbane South, Pine Rivers, Gold Coast, Ipswich and Redlands.

Brisbane Olympics to push property market’s limits

Brisbane house prices will hit the $1-million median well before the 2032 Olympics with suburbs near venues tipped to move up to $3.9 million.

Property projections from PRD Research indicate the median price would reach $1.7 million by 2033 and would be “immensely” boosted on the Gold and Sunshine coasts.

Meanwhile, prices on the Gold Coast and Sunshine Coast hit $792,000, up 18.2 per cent on last year, and $825,000 up 23.1 per cent, respectively.

What the experts are saying about the Gold Coast’s housing market

Dr Nicola Powell

Nicola Powell
Chief of Research

“What we have seen and what’s very evident for Queensland is the Sunshine Coast and the Gold Coast are very up there, and this data is really telling of who is active in the market.

“But 25 per cent of suburbs with higher property price growth than salaries is quite a strong milestone for Queensland.

“I think in the years leading up to the Olympics we’ll probably see even greater demand for properties there.”

Andrew Bell Surfers Paradise Managing Director Ray White

Andrew Bell
Surfers Paradise Managing Director
Ray White

“I have never seen anything like it in my 40 years in the industry, and it’s results like these that underpin just how strong the Gold Coast market is.

“Interstate buyers have long recognised how undervalued the Gold Coast market is, given that we are now the sixth-largest city in the country.

“Now we are beginning to see locals cotton on to how valuable the Coast is, which they had underestimated in the past, and they are well aware of the strong demand from interstate markets who see the Gold Coast as excellent value.

“Given the trajectory of the Gold Coast market, buyers are realising that it’s in their best interest to allow market forces to determine the value of their property which often greatly surpasses their expectations.”


Matthew Schneider

Matthew Schneider
Gold Coast Director

“Consumer sentiment and ‘FOMO’ has well and truly returned to the Gold Coast property market and is playing a big role in the market.

‘Off the back of that, there is some real tightness in the supply for people who want to live in house and land packages.

“If people are anxious about the level of activity, development and growth on the Gold Coast that has existed over the last couple of years, the reality is we actually have to find a way to grow smarter and pick up the pace of delivering product if we are to meet those long-standing population targets.


Brook Monahan

Brook Monohan
Mosaic Property Group

“While prices for properties have increased, we believe the pace of growth will slow towards the back end of this year and we expect the market to experience only minimal increases in early 2022 followed by a slowdown and flattening of the market thereafter.

“This will likely be followed by a potential second leg up once the pandemic is well and truly behind us, unlikely before 2023.”

Gold Coast housing market forecasts

ANZ similarly predicts at the national level Australian house prices will rise by a strong 17 per cent through 2021, before slowing to 6 per cent growth in 2022.

CommBank forecasts dwelling prices will rise 8 per cent in 2021 and 6 per cent in 2022, with house prices to rise 16 per cent in that time and unit prices by 9 per cent.

Westpac has revised its property price forecasts, tipping values to rise 15 per cent in 2021 before slowing to grow by per cent% next year.

NAB has also upgraded its forecasts for dwelling prices—now expected to grow around 19 per cent in 2021 and per cent% in 2022.

Gold Coast auction clearance rates 

WeekClearance rateTotal Auctions
Week ending 4 July 202165.5%91
Week ending 11 July 202169.4%63
Week ending 18 July 202160.6%67
Week ending 25 July 202170.0%60

^Source: Corelogic Auction Clearance Rates – July

For every 100 houses that went to auction on the Gold Coast during recent weeks, only three failed to find a buyer.

Some of the Coast’s biggest real estate agents are now struggling to keep up with the interest, with some agents reporting that 60 per cent of properties set for auction are selling before they are actually listed.

Figures from Corelogic show that Arundel, Coombabah and Gilston recorded growth of 10 per cent in the last three months, significantly outpacing well-heeled suburbs like Burleigh Heads, Hope Island and Palm Beach.

The top growth suburb for the quarter was Currumbin Valley, where the median house price climbed 11.9 per cent to reach almost $1.5 million.

Nine suburbs in total reached double-digit price growth in the three months to the end of June, with Coombabah rounding out the list of the ten top performers with a rise of 9.9 per cent.

Other suburbs to perform well included Merrimac (9.5 per cent), Reedy Creek (9.4 per cent) and Labrador (8.8 per cent).

New research by REA Group revealed units returned the biggest gains for investors in the following Coast suburbs: Surfers Paradise; Southport; Biggera Waters; Coombabah; Carrara; Mudgeeraba; and Nerang.

Gold Coast residential rental vacancy rate  

CityJuly 2021 vacancy rateMonthly % change
Gold Coast0.9%▲0.2%▲

^Source: SQM Research – reference period July

Rental stock on market 

CityJuly 2021 vacanciesVacancy net change
Gold Coast2843▲43▲

^Source: SQM Research – reference period July

Gold Coast rent prices 

TypeRentMonthly % changeAnnual % change

^Source: SQM Research – reference period July

While owner-occupiers are seeking downsizing alternatives in coastal areas, investors are returning to the Gold Coast in the wake of historically low rental vacancy rates.

Brisbane’s vacancy rate dropped from 2.1 per cent to 1.7 per cent from the previous quarter, comparatively the Gold Coast’s has loosened slightly from a static 0.6 per cent to 0.9 per cent.

Carrara posted the strongest annual growth in rental demand of 26.2 per cent, followed by Biggera Waters at 19.8 per cent.

Southport’s rental demand grew by a more modest 7.7 per cent, with the CBD suburb hard hit by Covid-19’s exodus of international students.

But the centrally located suburb still delivered a healthy investor cashflow of $596.18, with capital growth of 15.6 per cent.

REA economist Paul Ryan said unit investors achieving a rental yield above 5 per cent were “doing very well”.

“House prices have risen, and that is pushing down rental yields,” Ryan said.

“That doesn’t make houses a bad investment, they may just not be bringing in the same yields or cashflow.”

Ryan said growth in rental demand for units on the Gold Coast, often cheaper to rent [than houses], are low maintenance and well located, had been “outstanding”.

“And with Covid, we have seen a lot of people moving to a region, and then renting before buying,” Ryan said.

Queensland building approvals 

DwellingApprovedMonthly % change

^Australian Bureau of Statistics – Most recent reference period June (suspension of trend series between May 2020 and July 2020 due to Covid-19)

A significant dip in housing approvals has added fuel to the already hot property market, despite a lockdown softening.

Australian Bureau of Statistics data shows the number of private-sector houses approved dropped 11.8 per cent in June, following the downward trajectory since the end of the Federal government’s HomeBuilder stimulus package.

Across both houses and units the number of dwellings approved fell 6.7 per cent, compared to a 7.6 per cent decrease in May.

Queensland and Western Australia experienced the biggest decline in both house and unit approvals.

In Western Australia overall dwellings approvals dropped by 30.5 per cent, followed by Queensland at 18.4 per cent and Tasmania at 14.9 per cent.

In the 2020-21 financial year total dwelling approvals nationally were 27.3 per cent higher than in 2019-20 financial year, driven by a 42.8 per cent surge in private sector house approvals.

Dwelling approvals increased more than 88 per cent in Western Australia over the financial year, while in Queensland it was up 36.7 per cent and Tasmania experienced a 33.9 per cent increase.

Queensland home loan lending indicators 

RegionFirst home buyer loan commitmentsFirst home buyer ratio – dwellingsFirst home buyer ratio – housing

^Source: Australian Bureau of Statistics – most recent reference period June

Owner-occupier home buyers propelled a surge in housing credit in June.

Housing credit lifted 0.7 per cent—the most in 11 years—to be up 5.3 per cent when compared to a year ago, the strongest annual pace in two years.

Owner-occupier housing credit jumped 0.9 per cent, the biggest gain in five years, to be up 7.2 per cent on a year ago—the strongest annual growth rate in two years.

Investor housing credit rose by 0.3 per cent to be 2.0 per cent higher on a year ago, which is the strongest annual rate in three years.

“Deteriorating affordability is likely to weigh on owner-occupier demand, and a tightening in macro–prudential policy settings will restrain the supply of credit,” Westpac chief economist Bill Evans said.

“We expect housing credit growth to exceed 7 per cent by the first half of 2022, triggering a likely policy intervention. The precise response will depend on the composition of lending over the next year.”

Most economists now expect the RBA to begin raising rates over 2023 and 2024 to a natural rate of about 1.25 per cent.

Queensland interstate migration 

RegionMarch (quarter) 2021 arrivalsMarch (quarter) 2021 departuresDecember (quarter) 2020 net

^Source: Australian Bureau of Statistics – March quarter 2021

With a population of roughly 3.7 million, Queensland’s south-east is Australia’s fastest-growing zone.

The Gold Coast and south-east Queensland were direct beneficiaries of Victoria’s extended lockdown last year, with a dramatic population shift north.

Australian Bureau of Statistics data for June revealed Victoria’s population fell by 12,700 while the number of interstate migration to Queensland increased by 30,000, or 2 per cent.

Before the pandemic, Gold Coast city planners were working to a framework that the population would reach a million by 2041, delivering 6000 dwellings for approximately 15,000 new arrivals per annum.

Queensland’s population is now expected to surge by more than a quarter of a million people in the next four years, according to forecasts in the federal budget, as people continue to flood in from other states.

Additional forecasts suggest it will top 5 million by the middle of the next decade.



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Gold Coast

ASF Group sell out Hope Island’s Peninsula Collection

Hope Island's Peninsula Collection

Peninsula Collection, the final piece of ASF Group’s The Peninsula Hope Island master-planned community, has officially sold out well before the construction completion.

Stage 3 of the gated community development is comprised of 63 three- to five-bedroom apartments (Peninsula Collection) and 22 three-storey terrace homes (Peninsula Terraces). This final stage followed sell-outs of Peninsula Homes and Peninsula Residences, which make up the waterfront community located in Hope Island Resort.

ASF Group Marketing Director Daniel Fang said there was a mix of local owner-occupiers looking to downsize and interstate migrants & investors captivated by the Gold Coast’s lifestyle and value offering.

“We saw a lot of demand from southern buyers – particularly from the dense inner-city postcodes of Sydney, Melbourne and also Canberra,” Fang said.

“They were drawn to the unique recreational lifestyle of the northern Gold Coast, with three championship golf courses connected by golf buggy tracks adjacent to the community. Furthermore, their decision to move was hastened by lockdowns over the past two years. Other interstate buyers were also attracted by the strong potential for capital gains, with the 2032 Summer Olympics set to be hosted in Brisbane.”

On the interest from locals, Fang said the majority sought to downsize to Peninsula Collection and Peninsula Terraces which feature greater accessibility and in-built buttons in each residence linked to gated community security.

Construction kicked off on the final stage of The Peninsula right before Christmas, with the final stage slated for completion around mid-next-year.

Archidiom designed the final masterplan release of Peninsula Collection and the adjacent Peninsula Terraces.

Preceding Stage 3 were Peninsula Homes, which comprised 17 townhomes and Peninsula Residences, another collection of 40 apartments.

Peninsula Collection’s apartments offer spacious backwards or balconies with views of the resort – with residential spaces blending seamlessly with the lush surrounds of the precinct.

ASF Group is well advanced on their next project, The AU – a different proposition to the Peninsula Collection.

The AU, which is development approved, will see just 14 full-floor apartments rising from the Surfers Paradise beachfront. There are only 12 full-floor apartments (spanning 255m²) and two-three storey penthouses, one of which was snapped up by a local developer earlier this year for nearly $9 million.

The 19-storey tower located on The Esplanade features striking French Deco-inspired interiors by the Sydney interior design legend, Greg Natale.

This resort-style residential tower takes full advantage of its beachside location. Residents are offered a selection of world-class amenities including an oceanview wet-edge pool, gym, sauna, club lounge and in-person concierge service.

“What’s unique about The AU is that you can make the most of the Gold Coast’s world-class beachfront from morning til night,” Fang says.

“The Esplanade promenade offers an unparalleled level of access to the beach throughout the day, with residents enjoying a game of volleyball or having a beachside picnic on the well-lit Surfers Paradise Beach.”

“You can think of the promenade as what you would find in the beachside boardwalks of Miami or Nice – an energetic coastal strip that is a hub of culture and entertainment for the community.”

“As Surfers Paradise experiences a fundamental transformation through new infrastructure projects and precincts being built, The AU offers a unique and exclusive opportunity in a world-renowned neighbourhood synonymous with the Gold Coast.”

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Gold Coast

MAFS stars Jules Robinson and Cameron Merchant splurge $3.65 million on Gold Coast holiday home

MAFS stars Gold Coast holiday home

Married at First Sight royalty Jules Robinson and Cameron Merchant quietly dropped a cool $3.65 million on a contemporary home on the Gold Coast in March of this year.

Spread over 875-square-metres and backing onto the pristine Nerang River in the well-to-do suburb of Broadbeach Waters, the lavish family abode has a lot going for it.

Boasting a whopping 500-square-metres of internal living space, the two-storey residence has six bedrooms, five bathrooms and an abundance of luxurious features.

Opulent attributes include a stunning alfresco and pool area, grand master suite, wine cellar, home theatre room and a new pontoon with direct ocean access.

The Daily Mail first reported the transaction.

According to Domain’s Pricefinder records, the property last sold in 2018 for $2.45 million, meaning the reality TV stars had to splash over $1 million more to secure the property in less than four years.

However, considering the median house price in the well-heeled neighbourhood has skyrocketed by 31.6 per cent in 2022 alone, with the average home now costing buyers $2.05 million, it’s not surprising the celebs splurged that bit extra to secure the Master Builder’s Award-nominated home.

The sale was handled by agent Hanan Cawley of Harcourts Coastal Broadbeach, who declined to comment on the transaction.

The Married at First Sight lovebirds, parents to young son Ollie, have lived on Sydney’s Northern Beaches for almost two years.

Since season six of MAFS, in which the couple became firm fan favourites, Robinson has launched two high-profile businesses – a shapewear brand named FIGUR by Jules, and Moira Muse, her fashion label specialising in sizes 6 to 24.

Endorsement deals for the pair have flowed. Robinson is an ambassador for Jenny Craig and fans on her Instagram will have spied sponsored posts for a cleaning company and pregnancy supplements, among many others, over the past few years.

Prior to joining the MAFS cast in 2019, Merchant made his name as a first-grade cricketer.

The pair were quick to use the ‘L’ word on the show and were a rock-solid pairing from the start.

Before the arrival of Ollie in 2000, Merchant listed his Kirrbilli apartment for auction, in preparation for their growing family.

The one-bedroom art deco pad sold under the hammer for $926,000.

Within a few months, the couple purchased a $1.806 million family home in Cromer, in Sydney’s north.



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Why it’s all about Broadbeach in 2022

Broadbeach in 2022, Mosaic Property

The central, always in demand Broadbeach is the next Gold Coast hotspot set to see a wave of new apartments.

It’s been one of the busiest spots in 2022 already, with a number of prominent developers, both local and interstate, seeking to build apartment towers in the sought-after spot south of Surfers Paradise.

Mosaic Property boss Brook Monahan says Broadie is the centre of the Gold Coast now.

“A lot of people talk about Surfers Paradise in the Gold Coast as the hub, but really for actual residents, it’s definitely Broadie,” Monahan said.

“Surfers is heavily weighted toward investors, whereas Broadie is very much a local market, either local owner-occupiers or those with a secondary home.”

Monahan says there’s a lot of nostalgia to Broadbeach for a lot of residents in South East Queensland.

“It’s a very nostalgic place for a lot of people who would have come to Broadbeach and holidayed as kids,” Monahan says, adding that the walkability factor puts Broadbeach ahead of other Gold Coast suburbs.

“You can walk to 75 coffee shops/resultants, the light rail, or the surf club in minutes, as well as being on the doorstep of Pacific Fair shopping centre and the casino, which makes it one of the most appealing areas up and down the coast.”

This year Mosaic will launch their first luxury Broadbeach project to the market.

Broadbeach in 2022, Mosaic's proposed tower

Mosaic’s proposed tower at 146 Surf Parade. Image credit: Plus Architecture

The 29-level tower, designed by Plus Architecture at 146 Surf Parade, will have 96 apartments, starting from large two-bedders, some with multi-purpose rooms, to three-bedroom apartments and skyhomes.

Broadbeach was a no brainer for the Sydney-based Iris Capital’s first Gold Coast apartment development, Victoria & Albert.

“It was the first and only location that I would consider undertaking such a spectacular residential/resort with coastal luxury as its core design focus,” Iris Capital Chief Executive Sam Arnaout says.

“Only Broadbeach and this current Neicon Plaza redevelopment site offered us the opportunity where everything is at our buyers fingertips. 

“Choosing Broadbeach as the address for our V&A project in the lively heart of its dining and retail precinct has allowed us to put our brand on our first luxury foray into Queensland,” Arnaout says.

David Higgins, Colliers Director of Residential who is handling the sales at V&A, says Broadbeach is recognised as the heart of the Gold Coast lifestyle precincts.

“The walkability of the location to over 30 restaurants, GC Convention Centre, Pacific Fair, The Star Casino, the Beach and Kurrawa SLSC makes it the most lifestyle rich village locations to undertake a premium development,” Higgins says.

“Being from Sydney, I often think that Broadbeach is our Double Bay with the dining, high end retail, laneway cafes, beautiful Kurrawa parkland, the beach, and the amenity that is uniquely Broadbeach all within five mins walk.”

Evan Raptis, co-Managing Director of the family-ran Raptis Group, says that while economic conditions have been good, Broadbeach has been among the most sought-after addresses in Australia.

“The pandemic has made a lot of people reset their priorities: with a laptop and good WiFi, they can live where and how they want, and that’s underpinning much of the demand for Broadbeach right now.”

Raptis has had a longstanding connection with Broadbeach, developing projects in the suburb for over four decades, their most recent being The Gallery Residences, completed late last year.

They have a solid work book in the area too, with plans in 2022 to launch three projects; a 40-level Koichi Takada-designed tower dubbed The Sterling at 6-8 George Avenue, a 41-level tower on Chelsea Avenue, and a 35-level tower at 5-9 Anne Avenue.

 Broadbeach in 2022, proposed 134-apartment tower at 6-8 George Avenue

The proposed 134-apartment tower at 6-8 George Avenue

Raptis says the buyer demographic is quite eclectic, which is representative of all the different amenities that Broadbeach offers.

“There are a lot of young professionals in the suburb as well as a lot of early-stage retirees. We’re seeing a lot of interest for three-bedroom apartments. Young professionals are seeking a third bedroom for when they may start a family, while retirees want to have the space for the children and grandchildren to visit,” Raptis says.

“But beyond age groups, the common bond between buyers is their interest in leading a healthy life. Parks, bike and walking trails and the beach are all outside the doors of residents, keeping them fit without the need for a gym membership.”

The local developer Anthony Quinn of QNY Group, who is plotting a boutique owner-occupier tower on his recently acquired 511 sqm block at 21 Broadbeach Boulevard, says Broadbeach is the live, work and play Mecca of the Gold Coast, which is endorsed by its number one ranking walk score.

“Broadbeach has always been in demand,” Quinn says.

“Through each good property cycle Broadbeach delivers a large share of the projects for the Gold Coast.”

Quinn says it’s not so much about Surfers, but more about what each of the suburban pockets offer.

“Both Main Beach and Broadbeach are unique in their offering and cater to different demographics and markets,” Quinn says, adding that the buyers are a healthy mix of downsizers and young professionals, with a strong market for owners and renters

A recent entrant to the Broadbeach market is the Brisbane-based West Homes.

West Homes Director Brett Kennedy says they chose that part of town because it has always had higher quality apartment buildings, great access to the beach, restaurants, Pacific Fair, and a much quieter and calmer pace of living that Surfers doesn’t offer.

“There’s less tourist trade in Broadbeach, and a lot more owner-occupiers,” Kennedy says. “People actually live there, they’re not just visiting like most of the Surfers Paradise market.”

Kennedy grew up on the Gold Coast, and has always been aware of the value of Broadbeach. “It has always been a go-to destination,” he says.

West Homes has just lodged plans for a 22-level tower of just 20 apartments at 75 Old Burleigh Road, a site they secured late last year.

Each apartment will have nearly 400 sqm of internal living space, unprecedented even for the whole-floor apartment trend that has swept the Gold Coast over the last 12 months, as developers pivoted toward more high-end, owner-occupier friendly stock. One apartment, on level three, will have 430 sqm.

Inarc Design describe the sculpted tower as an “urban lighthouse.”

GV Property Group’s Antonio Mercuri, who sells amalgamated sites to apartment developers up and down the coast, says Broadbeach is a suburb for everyone.

“It’s a beachside coastal city suburb by the ocean, surrounded by parklands, and is in the pinnacle of three Gold Coast city locations; the Star Casino precinct, the Gold Coast convention centre, and Pacific Fair. 

Mercuri is marketing a prime 1,294 sqm site on Armrick Avenue, with approved plans by Rothelowman for a 22-level, 84-apartment tower.

“Armrick Avenue (park front) is the next best thing to beachfront because of the expansive views over the bowls clubs / parks lands, while still being located beside the beach,” Mercuri says.

“The attraction of Broadbeach to developers is the mixed buyer pool, alongside the blue sky value add (which going up), and taking advantage of the favourable high density zoning (unlimited height potential subject to council approval).

Mercuri says there are three areas of Broadbeach which all have high demand, value, and attraction to both developers and buyers.

“The northern pocket of Broadbeach is a huge catchment area for locals (coming from suburbs like Broadbeach Waters, Isle of Capri etc). It’s just outside the fringe of Broadbeach hub area and close enough to enjoy but still be in an area of it own. 

“Then there’s central Broadbeach, the hub of Broadbeach which incorporates the Anne Avenue precinct, while the southern pocket is popular due to its closer proximity to the Broadbeach Primary School.”



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