The Gold Coast has seen its house prices surge by about 149k in just 12 months as lifestyle demand continues unabated.
Gold Coast houses jumped about $149,000 in 12 months to $1.397 million – nearly double the average Queensland worker’s wage – with units now just $47,000 short of the $1 million barrier.
The Gold Coast has cemented its position as Australia’s second most expensive property market, as overall dwelling prices (including houses and units) hit $1.15 million – approximately $120,000 higher in 12 months – surpassing every state and territory capital except Sydney, according to the latest PropTrack Home Price Index released Monday.
A two bedroom apartment at 74/18 Chelsea Avenue, Broadbeach, spanning 112 sqm sold for $1,571,000 on Saturday January 31.
PropTrack economist Angus Moore said the Gold Coast’s performance reflected its evolution from regional centre to major city.
“The Gold Coast is a very funny one to call a regional market, given it is quite an urbanised and large area. It looks more like a capital city than a regional area these days,” Mr Moore said.
However, he said the Gold Coast was unlikely to overtake Sydney any time soon.
“Gold Coast is $1.15m for dwellings versus Sydney’s $1.23m so it’s still a little way behind Sydney. Sydney is a very large and quite expensive housing market,” he said.
The Gold Coast’s 11.6 per cent annual growth comes as Queensland regions dominate national property increases, with Greater Brisbane house prices jumping a record $148,900 in 12 months – double the average Queensland worker’s earnings.
The Gold Coast’s tropical climate and beach lifestyle is a major drawcard for buyers.
PropTrack economist Angues Moore.
Ipswich and Logan emerged as Australia’s strongest property markets outside Western Australia, with Ipswich leading the east coast with 17.8 per cent annual growth to $860,000, while Logan-Beaudesert recorded 17.3 per cent growth to $897,000.
Mr Moore said Queensland had undergone a dramatic affordability shift.
“Brisbane has become a lot less affordable than it used to be. Queensland is now the third least affordable state in Australia, coming from being one of the most affordable states coming into the pandemic,” he said.
“That really just reflects the fact that prices have doubled since the start of 2020.”
Greater Brisbane dwelling prices have surged 95.7 per cent in five years, with regional Queensland up 88 per cent.
Place Estate Agents Alex Rutherford said market conditions were at fever pitch across Queensland.
“It’s ridiculous,” she said. “It’s out of control. Once we list a property online, we get email enquiries in the first 30 seconds… Depending on the price point, it can get a bit desperate. The fear of missing out is very significant.”
Alex Rutherford of Place Estate Agents.
She said one-bedroom units are the hottest ticket items now, seeing a groundswell from the federal 5 per cent deposit scheme for properties under $1 million – with one Brisbane inspection on Friday seeing 32 groups trying to squeeze through a 38 sqm space within half an hour.
Mr Moore said interstate buyers and investors continue to drive demand across Queensland, with the share of loans going to investors in the state at near record highs.
“To some extent, people coming from Sydney, potentially with more wealth or more income behind them, can make it harder for locals,” he said.
Regional Queensland houses jumped $97,100 in 12 months to $803,000, while units surged even higher up $100,300 to $782,000.
Ipswich led Queensland’s strongest growth at 17.8 per cent to $860,000, followed by Darling Downs-Maranoa at 17.6 per cent to $529,000, Logan-Beaudesert at 17.3 per cent to $897,000, Toowoomba at 16.8 per cent to $771,000, and Townsville at 15.6 per cent to $605,000.
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