While other housing market’s across the country saw declines in 2020 due to the pandemic, the Gold Coast, after a decade of moderate growth, has benefitted from the rise of working from home culture and lifestyle offerings.
According to Corelogic, the average Gold Coast house prices increased by 22 per cent between July 2020 and 2021.
The Gold Coast’s increase is now outpacing more established cities such as Adelaide, Darwin and Perth.
In the 12 months leading to March this year, the average price of new apartments increased by 23 per cent.
The rate of price growth has continued to gain momentum on the Gold Coast after reaching a peak in March this year, when values rose 3 per cent in a single month—a 15.4 per cent increase compared to March 2020.
The 2 per cent growth in dwelling prices in September was down slightly from the 2.3 per cent lift in August. Prices are now up 26.7 per cent across the year.
The current median value for dwellings is $727,000 advancing an additional $17,000 over the month of September.
A typical Gold Coast house is now worth $887,000, with a 1.6 per cent increase in September pocketing homeowners $25,000 across the month.
Over the June quarter, the median house price rose to a new record high, 18.2 per cent higher than the year before.
The median for a Gold Coast’s apartment is now $545,000 with many new buyers planning to split their time and lease their unit to holidaymakers while they are in the city, and spend part of their time working from home at the beach.
Buyers have also been lured by the Gold Coast apartment market’s switch from skyscrapers such as Q1 and Soul, both of which are more than 75 levels, to smaller projects featuring bigger apartments with more ameneties.