Gold Coast home prices nudge 10pc growth in one year

Gold Coast home prices hit a new peak in September

Gold Coast home prices jumped 9.26 per cent over the past year to hit a new high of $1.093m across all dwellings, fresh data shows.

PropTrack’s latest Home Price Index, out today, confirmed the Glitter Strip city continued to close in on Sydney as the nation’s most expensive housing market — though the Coast’s annual growth was shy of Brisbane, where prices jumped 10.23 per cent over the same period.

The report showed Sydney home prices gained $71,000 to reach a new median of $1.213m across houses and units combined.

REA Group senior economist Eleanor Creagh said price growth was expected to continue, as all mainstream economists tipped the Reserve Bank of Australia (RBA) to keep interest rates steady at 3.6 per cent at its September meeting yesterday.

REA Group senior economist Eleanor Creagh

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“For households, earlier rate cuts this year have lowered mortgage repayments and boosted borrowing capacities and confidence,” Ms Creagh said.

“This has helped to drive a synchronised housing market upswing, with demand building into the spring selling season.

“While affordability pressures remain, this year’s series of interest rate cuts, improved sentiment, and the October expansion of the Home Guarantee Scheme, and expected to keep upward pressure on home prices in the months ahead.”

Local agents report brisk activity as selling season heats up on the Gold Coast, with Ray White Bell Group recording a 100 per cent clearance rate for its most recent major auction.

Ray White auctioneer Andrew Bell reported brisk buyer activity in all local suburbs

Eight properties went under the hammer, including houses, apartments and villas from suburbs ranging from Pimpama to Varsity Lakes.

“This is the second month in a row that we have had a 100 per cent success rate and reflects not only a very strong selling season, but the continued strong demand for Gold Coast properties,” auctioneer Andrew Bell said.

Upcoming auctions include a Main Beach penthouse owned by Meriton boss Harry Triguboff, known as “High Rise Harry”.

Brisbane’s property sector also showed its strength, with prices in the Queensland capital up $93,700 since last year, outpacing national trends.

Strong price growth was tipped to continue

The hefty rise was the largest annual dollar increase of all capital cities, and close to double the national average increase of $54,100 or 6.24 per cent over the same period, highlighting the River City’s continued climb despite markets cooling most recently.

Brisbane values recorded monthly growth of 0.46 per cent in September, topping up a whopping 92.47 per cent increase over the last five years. The city’s median value hit $952,000.

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