Home values in every Gold Coast suburb revealed

It has just become even more expensive to buy a home on the Gold Coast, with new figures showing how much prices have jumped since the start of the year. SEARCH YOUR SUBURB

IT has just become even more expensive to buy a home on the Gold Coast, with new figures showing prices jumped more than $100,000 in some suburbs in just three months.

The median value of apartments in particular have soared since the start of the year, according to latest PropTrack data, led by the southern suburbs of Currumbin, Elanora, and Coolangatta.

A three-bedroom, two-bathroom unit in Coomera sold for $645,000

Each of those three areas recorded quarterly unit price growth of more than six per cent, or between $50,000 and $57,700.

And the city gained four new million-dollar suburbs, with median values exceeding $1m for the first time in Worongary, Parkwood and Molendinar (all for houses) as well as for units in Bilinga.

Annual data shows even more substantial gains, with prices in every Gold Coast suburb up at least six per cent.

Again, the city’s apartment market outperformed houses, led by Molendinar, where unit prices were up 22.9 per cent over the past 12 months, to a median of $605,200.

The year’s other top suburbs for units were Highland Park, Nerang, Coomera and Arundel. Each had a relatively affordable buy-in of around $600,000, and recorded annual growth of between 17.6 and 22.9 per cent.

The city’s apartment sector is booming

Gold Coast real estate principal Michael Kollosche said the city’s booming unit sector was driven by continued interstate migration by cashed-up buyers seeking luxury apartments, along with downsizers and other buyers at the lower end of the price spectrum.

The latest K Property Insights report, compiled by Mr Kollosche with industry analyst Michael Matusik, found apartment prices on the Gold Coast had registered growth for the past 10 years, lifting in real terms by 15 per cent annually.

“We have seen a shift towards developers delivering larger, half and full-floor apartments in boutique residential-only buildings to cater for those moving from larger homes, who don’t want to compromise on size and quality,” Mr Kollosche said.

Michael Kollosche

He said there was a 30 per cent deficit between net migration and the building of new dwellings.

“The fact that there is so much public infrastructure works going on and so few builders in the market is obviously a key consideration in why supply levels are drying up.

“It’s no wonder that apartments are performing so well.”

For houses, the biggest jump in price during the March quarter was in Biggera Waters, increasing $71,600 or 6.8 per cent to $1.125 million, according to PropTrack’s data.

Elanora led local house markets for annual growth at 17.5 per cent — equivalent to $187,500, closely followed by surrounding beachfront suburbs of Tugun and Palm Beach.

A three-bedroom ocean view unit at Bilinga sold for $2.601m

PropTrack economist Eleanor Creagh said interest rate stability had improved confidence among buyers and sellers, resulting in higher sales volumes and price growth.

Across regional Queensland, PropTrack’s Home Price Index shows dwelling values for houses and units combined were up 10.18 per cent since last year.

The Reserve Bank holds its next meeting in May, and many economists believe it will start cutting interest rates in the second half of the year.

“While expectations remain that rates will move lower later this year, we continue to see that demand/supply imbalance and prices continuing to rise in the months ahead,” Ms Creagh said.

PropTrack senior economist Eleanor Creagh

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“Affordability has deteriorated, so we might see the pace of growth slow in the winter months, but accelerate again later in the year.

“The primary driving force (of the price gains) has been the demand/supply imbalance, and that doesn’t look like it’s going away any time soon, so I would say it’s likely prices are going to continue to rise.”

A luxury acreage home in Worongary sold for $2.44m

Scott O’Neill, managing director of buyers’ agency, Rethink Investing, said the rise in home prices again in March would likely push any rate cuts back to later in the year.

“Undoubtedly, one of the RBA’s concerns would be the impact of house price pressures,” Mr O’Neill said.

“If rates dropped now, we would see the speed of growth pick up and worsen the housing crisis in Australia. There was talk that the RBA was going to decrease the interest rate as early as May 2024. However, I believe it will happen in the last quarter of 2024.”

Originally published as Home values in every Gold Coast suburb revealed