Gold Coast climbs to become Australia’s second most expensive market

Gold Coast climbs to become Australia’s second most expensive market

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In a significant shift within the Australian property landscape, the Gold Coast has risen to become the second most expensive city for real estate.

This remarkable growth underscores the region’s increasing appeal and signals a broader trend in the Australian market.

 

The allure of the Gold Coast

The Gold Coast’s charm lies in its unique blend of stunning natural beauty and modern urban amenities. With its golden beaches, lush hinterlands, and vibrant social scene, the city offers a lifestyle that’s both relaxed and cosmopolitan.

This appeal has drawn buyers from across Australia, especially from metropolitan hubs like Sydney and Melbourne.

 

Market trends backed by numbers

Analysis by CoreLogic reveals that Gold Coast property values, covering all dwellings (houses and units), have surged by 12.7% over the past year, reaching a new record median of just over $1 million.

This growth highlights the region’s increasing demand and solidifies its position as a top-tier property market in Australia.

 

Competitive advantage for sellers

For sellers, the timing couldn’t be better. The combination of high demand and limited supply has created a seller’s market, where properties are often snapped up quickly and at premium prices.

Whether you’re considering selling now or in the near future, the current market dynamics are heavily in your favour.

 

Opportunities for buyers and investors

For buyers, acting quickly is key. The Gold Coast’s rapid price growth has already outpaced most other Australian cities, making it one of the most in-demand markets in the country.

Investors are also taking notice of the strong rental market in the Gold Coast-Tweed Heads area. CoreLogic reports that the current median rent of $832 a week makes it the least affordable place in regional Australia.

Over the past year, rental growth in the area has been strong at 7.1%, and over the last five years, it has increased by a staggering 53.1%. This significant growth is no doubt due to the extremely low vacancy rate the region has experienced over the last three and a half years.

However, despite this rental growth, median gross rental yields have slightly eased from 4.5% to 4.2%, largely due to the substantial increase in property values.

 

Future outlook

Looking ahead, the Gold Coast is expected to maintain its upward trajectory. Continued interstate migration, bolstered by the city’s appeal as a remote working hub, suggests that demand for property will remain high.

The region is poised for further growth as infrastructure projects and developments enhance its connectivity and appeal.

 

Ready to make your move?

Whether you’re looking to buy, sell, or invest in the Gold Coast market, now is the time to act.

For more information on the evolving Gold Coast property market landscape, or for general real estate advice, get in touch today.