Gold Coast Prestige Market Update

The Gold Coast prestige market remains strong and continues to outperform other nearby coastal markets, such as Noosa and Byron Bay.

While the number of buyers has reduced, so too has the availability of stock. The basic rules of supply and demand are running their course, resulting in continued high-level transactions.

The primary catalyst for this market's strength is the robust population growth, driven by the alluring lifestyle offered by the Gold Coast. This growth is projected to reach 1 million by 2046. The city's unique geographical constraints prevent further urban sprawl, making it an even more attractive investment option. The demand from affluent buyers, who are still drawn to the coastal lifestyle, is expected to persist long after the pandemic.

Whilst the traditional northern and central prestige areas of Hope Island, Main Beach and Surfers Paradise remain popular, the southern end is very much in vogue. Broadbeach and Mermaid Beach remain strong, with beachfront housing at Hedges Avenue still achieving record sales. Meanwhile, due to continued gentrification, developing areas such as Palm Beach and Coolangatta continue to attract southern buyers.

While luxury housing will always be a mainstay of the Gold Coast real estate market, the allure of high-end apartment sales has taken centre stage. Spacious, full-floor unit designs have become the new standard and are preferred by both local and interstate buyers, replacing the smaller one and two-bedroom units that dominated the market for years. However, supply issues for this specific product are expected to persist, as many local builders are scaling back their projects due to significantly reduced profits in recent years.

The Gold Coast has the highest percentage of cash buyers in the country, and as such, the prestige market has been less susceptible to interest rate rises. Confidence will be the driving force in the near term, though there is evidence that the market has peaked. A softening in market conditions is expected in the foreseeable future.

Top House Sales in Gold Coast
Address Property Location Price Date Lane Area
1 41 – 45 Hedges Ave Mermaid Beach $28 M 16/02/24 1,214m²
2 13-15 Albatross Ave Mermaid Beach $25 M 03/24 1,623m²
3 5 McMillan Ct Southport $24.8 M 22/09/23 3,442 m²
4 59 The Corso Surfers Paradise $24 M 14/07/23 2,197 m²
5 87 Monaco St Broadbeach Waters $18 M 15/03/24 2,390m²
 — previously sold October 2021 $14,500,000
6 65 Albatross Ave Mermaid Beach $16.95 M 10/02/24 810 m²
 — previously sold 24/01/2022 $16,500,000
John Burke
— Gold Coast Property Valuers
  |  LinkedIn
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