Gold Coast home values soar past 10pc growth in one year

Gold Coast home prices have hit a new high of $1.107m. Picture: Supplied

Gold Coast property prices have soared 10.06 per cent over the year to a hit a new high of $1.107m, with experts predicting further gains ahead.

PropTrack’s latest Home Price Index, out today, revealed the Glitter Strip recorded the second highest median in the country, only behind Sydney at $1.228m.

Prop Track senior economist Eleanor Creagh

1 Royal Mews, Sovereign Islands recently sold for $6.9m.

REA Group senior economist and report author Eleanor Creagh said price growth was expected to continue.

“Looking ahead, this year’s series of rate cuts, population inflows and the expanded Home

Guarantee Scheme will continue to bolster demand,” Ms Creagh said.

“With stock on market constrained and new supply challenged, conditions remain tilted toward sellers.

“The market appears set for further price gains throughout spring and into summer.”

Over the October quarter Gold Coast dwellings, including houses and units, were up 2.24 per cent.

MORE NEWS: Land prices skyrocket: See how much your area jumped

Influencer’s cheeky ‘beachfront’ play

AFL star’s $205 million fortune fuels ‘theme park’ mansion

Marina Point Apartments.

Annually, units recorded the biggest growth in value, up 10.09 per cent to a median of $902,000 while houses were up 10.06 per cent to $1.345m.

But the Gold Coast wasn’t the strongest growth market in Queensland with Brisbane recording a 12.6 per cent increase, or $112,700, annually – the largest dollar value rise of all markets in the state.

Cairns property values were up 11.12 per cent annually while Townsville surged by a huge 15.94 per cent — the highest in Queensland.

12 Brittanic Crescent, Sovereign Islands is on the market at $5.95m.

Ray White Malan + Co’s Conner Malan said he believed the unit market was carrying a lot of the growth for the Gold Coast.

“Demand for the Gold Coast unit market is significantly stronger than it has been,” Mr Malan said.

“We are seeing a lot of interstate and downsizer buyers fuelling that market.

“It used to be volatile but as we’ve turned into a bigger city, we are seeing that strength and stability there.”

1199/56 Scarborough Street, Southport is for sale at offers over $649,000.

He predicted the city’s property market to level out over the next six months.

“A lot of properties are starting to sit on the market a little longer,” he said.

“Sellers are conditioned to such constant growth over the past seven years that they expect a lot and buyers are not willing to pay a premium.

“Prices here will still trickle along and increase slightly but it will start to level out.”

39 Savoy Drive, Broadbeach Waters is going to auction on November 15.

The PropTrack report showed national home prices were up 0.6 per cent in October to a new median of $858,000.

Ms Creagh said this extended the upswing to a 10th straight month and lifted values 7.5 per cent higher than a year ago, the strongest annual pace since May, 2024.

“Increased borrowing capacities, lower mortgage rates and improving sentiment are fuelling renewed competition, but the pattern of growth is shifting,” she said.

“Over the past year, Darwin, Hobart, Melbourne and Sydney have seen the fastest acceleration in annual gains with these previously softer markets regaining momentum.

143 Tahiti Avenue, Palm Beach recently sold for $2.670m.

“In contrast, the pace of annual growth is easing from earlier highs in Brisbane, Adelaide and

Perth, though prices are still at record levels and continue to rise briskly.

“All regional markets have slowed, except regional Victoria, narrowing regional market outperformance.”

Ms Creagh said nationally, annual growth had lifted above the 30-year average, yet stretched affordability is a handbrake on growth, which remains well below the 20-30 per cent pace of past booms.

The post Gold Coast home values soar past 10pc growth in one year appeared first on realestate.com.au.