‘Not immune’: Gold Coast home price hits quarterly downturn

The Gold Coast has logged its first negative quarter in years, as buyers begin to reach their limits. Cracks have appeared in Queensland’s most expensive property market as buyers hit a borrowing power wall – with economists warning the Gold Coast is “not immune” to a downturn. This after logging its first negative quarter in years, as soaring interest rates and slashed borrowing limits begin to take their toll on the holiday glamour strip, the new realestate.com.au Home Price Report found. Gold Coast home values slipped another 0.13 per cent during August – dragging its total quarterly growth into negative territory at -0.72 per cent. Realestate.com.au senior economist Eleanor Creagh. But annually prices are still up 5.5 per cent – with the overall median dwelling price now $1,167,000. Realestate.com.au senior economist Eleanor Creagh told The Gold Coast Bulletin the holiday strip was “a desirable lifestyle region, (but) I wouldn’t say it would be immune to the downturn”. “Being one of the comparatively more expensive regions within regional Queensland, I would imagine (it will be joining the downturn) as well.” She warned bargain buyers on the hunt there were now running straight...