‘Slowing isn’t crashing’: Gold Coast home prices drop further

The Gold Coast property downturn is deepening, with home prices weakening slightly again in September as higher interest rates and reduced borrowing power take the heat out of one of Queensland’s most expensive housing markets. The latest PropTrack home price data, released Thursday, shows the Gold Coast median dwelling values slipped 0.09 per cent last month to sit at $1.158m — a modest fall compared to capital city markets. Aerial view of the Gold Coast skyline on a sunny day, Queensland, Australia. Photo: istock. Prices are now 0.7 per cent lower over the quarter, although values remain 3.7 per cent higher than a year ago. The latest result adds to mounting evidence the Glitter Strip’s extraordinary property boom has reached a turning point. Gold Coast prices recorded their first monthly fall in almost four years in June, dropping a third of a per cent to a median of $1.18m. By August, values had fallen another 0.13 per cent, taking the median dwelling price to $1.167m and pushing quarterly growth into negative territory for the first time in years, down 0.72 per cent. Realestate.com.au economist Eleanor Creagh said the slowdown was particularly significant given the Gold Coast ...