If you’re hoping to buy on the Gold Coast, it’s definitely an advantage to be part of the multi-millionaire’s club. No longer the daggy cousin of Sydney or Melbourne, the region now boasts the second most expensive median price in Australia – $1.17 million, says Nerida Conisbee, Chief Economist with Ray White.

That’s not far behind Sydney at $1.7 million. And, if growth continues at the current rate, the Gold Coast will be at the Sydney median by 2027. 

Not only that but, in the last 12 months, house prices on the Gold Coast have grown 9% compared to the national average of 8.5%.  That’s right: the Gold Coast offers a better capital return on investment than even Sydney, often named as one of the top cities in the world. 

“Luxury continues to be the top performer, with the luxury housing market significantly outperforming the market as a whole,” says Conisbee.

At the Ray White Surfers Paradise Group Exclusive Market Report Event, the economist showed how the region has become Australia’s star.

Luxury lifestyle all the way 

While the Gold Coast may once have been seen as the home of fake tans and meter maids, now it’s all about luxury lifestyle including five-star restaurants and, at the top end, premium properties. 

The Ray White report shows there were 56 sales over $5 million last year.

“The Gold Coast could be called the Miami of Australia,” says Conisbee. “There are far more great dining and lifestyle options available than ever before. It’s a significant shift for the region.”

She adds that the statistics show there is substantially more money at the high end of the market with “incredible homes being built”.

In fact, new research from the Australia Institute shows the wealth of the very rich has tripled in the past two decades with the top fifth of households holding wealth 146 times greater than the bottom fifth.

Some of the country’s richest Australians, including property developers Bob Ell and Harry Triguboff, have properties on the Gold Coast while many hot spots around town have played host to the rich and famous. The Marina Mirage precinct, for example, has seen guests including Colin Firth, Penelope Cruize and Hugh Jackman.

“The Gold Coast is a very nice place to live and the population growth shows that,” says Conisbee. 

The Ray White report found population movement from cities such as Sydney and Melbourne to regional Queensland remains elevated with 15,300 people in total moving from regional areas of Australia in 2023.

At the same time, there has been a lift in the quality of housing available, fueled by renovation activity, she adds.

“There is a lot more investment in housing from people coming from Melbourne and Sydney and either downsizing, or keeping a city apartment and buying a larger home on the Gold Coast.”

Agrees Chairman of Ray White Surfers Paradise Group Andrew Bell: “The top end of the market keeps getting stronger and stronger and that is benefitting from migrators who can move interstate, buy their dream home and still have money in their pocket.”

No more bust, just boom 

Historically the Gold Coast has been a boom/bust market, says Conisbee. “It did well in strong economic times, then tended to see sharp falls. That doesn’t seem to be happening anymore.”

While, during the pandemic, property prices peaked and then started to drop, she says the market has now fully recovered and continues to experience strong price growth. 

Says Bell: “The Gold Coast might once have been a place you would only buy a holiday home but now we are seeing a belief in the region like never before. 

“The city is fully mature in terms of shopping, schools and employment and it has become a world class city to live in. While we used to have a number of prominent markets pre-pandemic, now wealth has spread everywhere from Coolangatta to Calypso Bay.”

However, Bell is also keen to emphasise that the Gold Coast boom is not good news for all buyers. He says higher interest rates have taken their toll on the number of people in the market looking for a home with some buyers finding the prices of real estate far outstripping their budget.

“There are still opportunities to buy into the market at the more affordable end but buyers need to change their thinking,” he advises. “With prices moving up and a continued shortage of available homes, moving further afield, or buying an apartment rather than a house, are both good options.”

Bell adds that government policies related to building more affordable housing are not making any dent in the number of properties that are needed nationally.

“Last year we needed 250,000 more homes for Australians but only 175,000 were built,” he says.

Private construction is also under strain, with the cost of goods and labour “going through the roof” and proving unaffordable for families, adds Bell.

Top growth regions

Homes in Surfers Paradise North have seen a growth of $248,486 on average in the last 12 months. At Mermaid Beach, prices grew $223,201.

Other regions enjoying healthy gains include Clear Island Waters ($194,718), Busselton Surrounds ($190,659), Surfers Paradise South ($189,588) and Runaway Bay ($175,625). Also of interest for those looking for real growth – Bundall, Biggera Waters, Paradise Point and Buddina. 

Gold Coast areas that have seen the most $5 million plus sales:

• Surfers Paradise (13)
• Broadbeach Waters (13)
• Paradise Point (9)
• Palm Beach (8)
• Broadbeach (7)
• Main Beach (6)

Gold Coast suburbs with most sales under $750,000:

• Surfers Paradise (789)
• Southport (484)
• Pimpama (330)
• Labrador (323)
• Biggera Waters (239)
• Coomera (238)
• Coombabah (189)
• Upper Coomera (179)
• Ormeau (137)
• Varsity Lakes (134)

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