Gold Coast Housing Market Insights April 2022

Last week the Urban Developer released a report encompassing data up to and including the end of April 2022. The information in the report is predominantly based on sales that took place during 2021 due to the fact that government departments have a three month lag between settlements occurring and results being published.

The data in the report confirmed that the Gold Coast has had property price growth of more than 30% over the past 12 months and that our rental vacancy rate is now just 0.4%. These numbers are quite incredible and whilst we have all clearly seen a change in sentiment in sales, rental demand continues to surge. 

In addition to the Urban Developers findings, we have a combination of articles and reports that focus on both local and national property trends as well as some video content including Corelogic's update for May 2022.

The Urban developers report is below:

Gold Coast Housing Market Insights April 2022

The Gold Coast has continued its run of strong capital gains, with housing values rising 31.5 per cent over the past 12 months.  

The Gold Coast experienced strong demand over the past year putting the pace of house price growth much higher than Brisbane while also outperforming Adelaide, Darwin, and Perth over the same period.

Compared with other regional housing markets around the country, the Gold Coast continues to rank among the fastest growing regions for home value appreciation. 

The coastal region recorded the third highest growth rate over the 12 months ending March 2022, after NSW’s Southern Highlands, which surged by 34.4 per cent and Hunter Valley, up 34.3 per cent.

Property prices in Queensland’s second-largest city have been dramatically rising as part of a post-pandemic boom that experts say could fuel further growth due to healthy population growth, a spate of city-shaping infrastructure projects and a resurgent tourism sector.

According to Corelogic, property values on the Gold Coast rose 1.7 per cent in April—in line with Brisbane and just behind Adelaide which lifted by 1.9 per cent and 1.9 per cent, respectively.

The result is even more impressive given that house prices have stalled in Australia's two biggest markets of Sydney and Melbourne, falling by -0.2 and remaining flat at 0 per cent, respectively.

House prices on the Gold Coast have increased by a staggering 33.1 per cent, or $280,000, in the past year with the median price now surging past the elusive $1 million mark. 

In April, house prices advanced by 1.7 per cent, a slight dip on March’s result of 2.3 per cent to be at a median price of $1.07 million while unit price growth remained healthy advancing by 1.6 per cent, or $10,000, to now be $654,000.

Mermaid Beach is now the second most expensive suburb in Queensland to buy a house after advancing by 44.5 per in the past 12 months, behind Sunshine Beach on the Sunshine Coast, which recently surpassed a median of $3 million.

For apartments, Highland Park on the Gold Coast has been the most sought after suburb with the median unit price soaring 45.9 per cent over the year.  

Fuelled by a mammoth sea-change trend, home prices in primely positioned pockets of the Gold Coast have experienced rampant growth in the past year.

Gold Coast homes are among the fastest-selling in the country—with just 16 days needed to find that million-dollar buyer, however, auctions clearing are slowly declining.

For reference, 60 to 90 days was long considered the standard for this city.

Tugun, Mermaid Waters, Robina and Carrara are now four of the fastest-growing suburbs on the Gold Coast, after nearby suburbs Miami, Burleigh Heads, Tallebudgera and Bundall all posted price growth of up to 38 per cent in a year.

Vacancy rates on the Gold Coast have remained below 1 per cent since around mid-2020, with about 3 per cent considered a balanced market.

The city’s vacancy rate is now 0.4 per cent, just below the state average of 0.7 per cent.

Record median rental prices on the Gold Coast continue to rise as low vacancy rates and short-term holiday leasing fuel an already competitive housing market.  

Weekly median rents for houses have jumped by 30 per cent in the 12 months to April, while units similarly cost almost 30 per cent more to rent.