By Guest Blogger, Andrew Bell, CEO, Ray White Bell Group
Chairman | The Ray White Surfers Paradise Group
QLD Board Member | Real Estate Institute of Australia
The Gold Coast property market has gone through a massive transformation since 2018, moving from a boom–bust tourist market to now one of the strongest owner occupier markets in Australia, underpinned by an incredibly strong base of luxury dwellings.
Gold Coast’s Rise as a Safe, Vibrant City
The Commonwealth Games of 2018 saw around $18 billion invested into vital infrastructure across the city, infrastructure essential for a modern urban environment. This included the new University Hospital, a network of smaller hospitals across the city, and a broader expansion of the health system, attracting many specialist doctors to base themselves here.
Major retail precincts such as Pacific Fair, Robina Town Centre, and Harbourtown have been expanded and upgraded, while a host of other shopping hubs now span from the north to the south of the city. The development of the HOTA precinct has brought a new cultural and artistic dimension, and upgrades to major attractions — from theme parks to motorsport events such as the GC500 and the Gold Coast Air Show — have bolstered tourism. The Gold Coast Airport has also undergone significant expansion to accommodate both domestic and international travellers.
By early 2020, the city was in its best shape in decades. Then the pandemic hit, an event that became a major turning point for the Gold Coast. Across Australia, people concerned about living in large cities began seeking a safe haven. The Gold Coast stood out, offering not only an enviable climate but also the infrastructure of a major city in a smaller, more pandemic-resilient package.
COVID-19 prompted many to reconsider their lifestyle, asking whether they had the quality of life they truly wanted. Large numbers decided to move to more ideal locations to live and raise families, and the Gold Coast became the number one choice.
Waves of Migration Transforming the Gold Coast
At first, people from around Australia (and returning expats) arrived with the intention of waiting out the pandemic. But after living here for a while, many fell in love with the city and chose to stay permanently. As restrictions eased, friends and family came to visit, and many of them also decided to relocate, creating second and third waves of migration.
I call this wealth migration. Most of these new residents were high-net-worth individuals who brought significant capital with them. Initially, many rented, but once they decided to stay, they purchased existing homes and renovated them to luxury standards. Developers, seeing the demand, began creating large single-level apartments aimed at downsizers wanting low-maintenance living close to the water.
However, rapidly rising building costs and a shortage of skilled labour caused several developers and builders to go bankrupt. This not only disrupted housing supply but also dented buyer confidence in off-the-plan purchases. Today, the worst of that wave has passed thanks to stabilising construction costs and improved labour supply, but buyers should still carefully check the financial stability of any developer or builder before committing.
From Inheritance to Infrastructure: The Rise of Prestige Living
Another factor driving the luxury market is inheritance. Many wealthy Australians who moved to the Coast sold homes in other cities at high prices, bought here for less, and retained substantial surplus funds. Aware of the difficulties younger generations face in buying property, many have provided interest-free loans or gifted deposits to their children, creating a new layer of wealth in the next generation. As baby boomers age, even more capital will be passed down, bringing unprecedented wealth to younger Australians.
At the top end of the market, a handful of Gold Coast suburbs consistently draw the attention of high-net-worth buyers. In the north, Sanctuary Cove and Sovereign Islands offer the rare combination of deep-water moorings, gated security, and championship golf, ideal for those who value both privacy and lifestyle. Main Beach and Paradise Waters have long held prestige status, with elegant riverfront homes and easy access to boutique dining and shopping.
Heading south, Mermaid Beach remains one of Queensland’s most expensive addresses, with absolute beachfront homes that rarely change hands, while Burleigh Heads has emerged as a lifestyle hotspot, combining luxury apartments, architectural homes, and a thriving café culture. For those seeking more space and seclusion, Currumbin and Tallebudgera Valley offer acreage living just minutes from the surf. Each of these suburbs delivers a distinct lifestyle - from surf breaks to marinas, hinterland retreats to vibrant dining precincts - and it’s this diversity of choice that continues to fuel demand in the city’s prestige market.
It is now well recognised that the Gold Coast is building luxury properties at an unprecedented rate. Coupled with the city’s other major infrastructure developments, we are creating one of the standout urban environments in Australia. With the added focus on South-East Queensland in the lead-up to the 2032 Olympic Games, and billions more being invested, the Gold Coast is set to become a textbook example of “build it, and they will come.”
Andrew Bell OAM
CEO | Ray White Bell Group
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