Though volumes are still down from this time last year, Gold Coast home and apartment sales prices have rebounded strongly showing continuous month-on-month increases for the past quarter. Volumes reflect seasonality but also a shortage of housing stock to meet the demand created by continued strong interstate migration and also interstate investors.
The median house price is now $940,000 compared to $900,000 this time last year and apartments are $624,000 compared to $599,000. Both housing types are 4% up year on year. Consequently the strength of the market coupled with current lending rates is likely to exclude many first home buyers despite incentives such as Queensland first home owners’ grant.
With key drivers including consistent population growth along with major infrastructure projects relating to the 2032 Olympics, the Gold Coast region is likely a leading edge indicator of a national market recovery.