Gold Coast units now more expensive than Sydney’s

Ray White Group Chief Economist Nerida Conisbee says the Gold Coast’s transformation over the past five years has been remarkable.

It’s now more expensive to buy a unit on the Gold Coast than in Sydney with the Glitter Strip unit market continuing to boom.

While Sydney remains Australia’s most expensive city for houses, Neoval data reveals Gold Coast unit prices have surged, with a median of $956,000 compared to Sydney’s $927,000.

“Gold Coast house and unit prices are climbing again after briefly slowing mid-year, driven by population growth, easing rates, and a persistent shortage of new homes,” said Ray White Group Chief Economist Nerida Conisbee.

Neoval data reveals Gold Coast unit prices have surged, with a median of $956,000 compared to Sydney’s $927,000.

107/30-32 Paradise Island, Surfers Paradise is on the market at offers over $750,000.

“Three rate cuts so far this year have provided a meaningful boost to borrowing capacity, and markets are now pricing in a possible fourth in November.”

It follows a string of mega apartment sales including billionaire developer Harry Triguboff’s Main Beach penthouse which sold for $11m, and a Q1 apartment which traded for $11.5m in a speedy hushed deal.

Ms Conisbee said migration continued to be a major factor in pushing up unit values.

“The region is attracting new residents from across Australia and overseas, drawn by lifestyle, climate, and improving infrastructure,” she said.

“Population growth in the Gold Coast and broader southeast Queensland remains among the fastest in the country, yet new housing supply is failing to keep pace.

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The Silverpoint penthouse on Main Beach Parade, Main Beach recently traded for $11m via Ray White Main Beach.

Neoval data reveals Main Beach leads the city, with a median unit price of $1.73m following a $880,000 rise over the past decade.

Ray White Main Beach agent Robert Graham said Main Beach was regarded by many locals and interstate buyers as the “Double Bay of the Gold Coast”.

“Main Beach offers an exclusive village atmosphere focused on permanent residents rather than the transient holiday market of Surfers Paradise and Broadbeach,” Mr Graham said.

“This resident-centric lifestyle has seen sophisticated buyers place strong value on the suburb’s premier position, driving remarkable recent apartment sales.

“With its boutique charm, prestige buildings, trendy Tedder Ave hangouts and unrivalled location, Main Beach has firmly established itself as the number one beachside suburb on the Gold Coast for luxury apartment living.”

504/10 Third Ave, Palm Beach is for sale at offers over $2.095m.

Burleigh Heads and Palm Beach round out the top three, where median unit prices have climbed by $760,000 and $740,000 respectively.

Currumbin-Tugun also surged, with prices up 134 per cent over the decade and $740,000 in dollar terms.

Ms Conisbee said these results underlined how the Gold Coast’s prestige markets had powered its growth cycle.

“Suburbs including Miami, Coolangatta, Mermaid Waters, and Paradise Point have all recorded gains of between $670,000 and $700,000 since 2015, confirming the broad strength across the city’s prime coastal corridor,” she said.

2005/9 Norfolk Ave, Surfers Paradise is on the market at $849,000.

Ms Conisbee said demand was being led by downsizers and interstate buyers from Sydney and Melbourne.

“The city’s transformation over the past five years has been remarkable,” she said.

“Luxury development along the coastline is driving much of the price growth, with the strongest results recorded in premium beachfront precincts.

“Developers have responded with a wave of high-end apartment projects offering resort-style amenities and large floorplates, a product now synonymous with the modern Gold Coast skyline,” she said.

A render of Bastion Property Group’s latest luxury development, the $167m Nera Residences.

Developer Bastion Development Group recently received the green light to add an additional two levels to its landmark development Nera, in Surfers Paradise, following a surge in demand with more than 70 per cent of apartments now sold.

The $174 million Nera will include 30 levels, with an additional six luxury apartments added to the design.

“It’s incredible to see Nera resonate with so many buyers – we have invested a lot into this development, and it’s humbling to witness that effort pay off,” said Alex Wood, CEO of Bastion Development Group.

3/14-16 Bright Ave, Labrador is going to auction on November 13.

Ms Conisbee said key constraints for the Gold Coast included affordability and supply issues.

“Despite strong demand and a robust development pipeline on paper, the number of completed dwellings continues to fall short of what is needed to house a rapidly growing population.”

“High construction costs, limited land availability, and stretched delivery timelines will continue to hold back new projects.”

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