The Rise and Rise of the Gold Coast: Property Market Predictions 2024

By Guest Blogger, Terry Ryder, founder,

hotspotting.com.au and propertyU

The Gold Coast continues to be a property market powerhouse, ranking among Australia’s top investment hotspots. It's a consistent standout in Hotspotting's National Top 10 Best Buys and has received multiple accolades in the Price Predictor Index, with numerous suburbs identified as rising stars. This sustained growth trajectory solidifies the Gold Coast’s position as a leading property market in 2024. 

Incorporating gold coast property market predictions 2024, analysts foresee robust demand driven by interstate migration, infrastructure developments, and lifestyle appeal. The region's property market is expected to benefit from ongoing investments in transport, healthcare, and education, further enhancing its desirability. 

With its diverse offerings, from luxury beachfront homes to affordable family residences, the Gold Coast is well-positioned for continued growth. Investors and homebuyers alike are likely to find attractive opportunities as the market remains strong and dynamic. 

Historically, the property market Gold Coast has been characterised by boom-and-bust cycles largely driven by oversupply in the high-rise apartment sector. However, a seismic shift has occurred. 

Today, the Gold Coast is experiencing a severe housing shortage due to a perfect storm of factors: a dearth of skilled labour, soaring material costs, and a broader industry slowdown. This has led to a significant decline in new high-rise development, creating an imbalance between supply and demand. 

Coupled with strong population growth, an enviable lifestyle, and a national trend favouring attached dwellings, the Gold Coast is now experiencing robust upward pressure on both property prices and rents. This shift indicates a more sustainable growth pattern compared to past cycles, making the Gold Coast an increasingly attractive market for investors and homebuyers alike.

The Gold Coast has emerged as a leading beneficiary of Australia's ongoing lifestyle migration trend. For over a decade, people have been escaping bustling city life in search of a more balanced existence, and the Gold Coast consistently tops the destination list. 

Renowned for its stunning waterfronts, diverse landscapes, and a range of lifestyle options, the region offers something for everyone. From oceanfront mansions to hinterland retreats, and affordable apartments to luxury penthouses, the Gold Coast caters to a broad spectrum of buyers and budgets. 

The Gold Coast region also has a range of price points, with median house prices for the various suburbs ranging from $680,000 to $2 million, while unit medians range from $525,000 to over $1 million. 

A pivotal factor driving the Gold Coast housing market boom is the increasing preference for apartment living. This national shift towards higher-density housing has significantly impacted demand in the region. The allure of apartment living, coupled with the Gold Coast's enviable lifestyle and strong population growth, has created robust upward pressure on both property prices and rents. 

The Gold Coast is experiencing a paradigm shift in property ownership, with attached dwellings gaining unprecedented popularity. Lifestyle buyers, downsizers, and investors are drawn to the low-maintenance appeal, affordability, and strong rental returns offered by apartments and townhouses. 

Contrary to the long-held belief that houses outperform units in capital growth, the Gold Coast is showcasing a different narrative. Numerous suburbs have witnessed superior unit price growth compared to houses, both in recent times and over the long term. Surfers Paradise exemplifies this trend, with units experiencing a 13% price surge in the past year, eclipsing houses' 5.4% decline. 

Affordability is another key factor. Median unit prices in the region are significantly lower than house prices, while rental yields for units often surpass those of houses, Median unit price $610,000 versus the median house price of $1.75 million - is a factor, while yields are also better (5.4% compared with 2.7% for houses). And in terms of “days on market”, units are typically selling in 27 days compared to 62 days for houses. Moreover, units typically sell faster, with lower vacancy rates contributing to their appeal for investors.  

The Gold Coast real estate market also benefits from the region’s iconic status as a tourist destination, presenting additional opportunities for short-term rentals and enhancing the investment case for apartments. 

To navigate the complexities of the Gold Coast real estate market and maximise investment returns, engaging a local buyer's agent is highly recommended. Get in touch with Propertybuyer today, your trusted local buyers agent. 

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