Suburbs where home values have soared across the Gold Coast
Gold Coast home values soared by up to 18 per cent in 2024, with surprise suburbs leading the charge.
Exclusive analysis by PropTrack shows that house prices increased across 41 Gold Coast suburbs during the December quarter, while 17 suburbs recorded price drops and two suburbs remained unchanged.
Realestate.com.au economist Anne Flaherty
PropTrack economist Anne Flaherty said that even in the suburbs where prices fell the drops were marginal.
“First of all, there wasn’t many of them, and when you compare the drops against the growth over the past few years, it was not enough to shift the dial and make them more affordable,” she said.
8 Southern Cross Drive, Surfers Paradise is going to auction on February 14. Picture: realestate.com.au
The top five suburbs for quarterly house price growth on the Gold Coast included Surfers Paradise (+3.9%), Parkwood (+3.1%), Southport (2.9%), Bundall (2.9%) and Molendinar (2.8%)
The data showed that Mermaid Beach recorded the biggest yearly increase for houses, up a massive 17 per cent compared to the same time last year.
It was followed by Parkwood (+15.3%), Molendinar (+13.6%), Gaven (+13.6%), Ashmore (+13.1%) and Coombabah (+13.6%).
1602/4-6 Alexandra Avenue, Mermaid Beach is going to auction February 7.
The PropTrack data also revealed how well units performed over the year with unit values in Ormeau soaring 18.3 per cent over 12 months.
Other big unit movers included Broadbeach Waters (+16.7%), Merrimac (+16.6%), Pacific Pines (+16.5) and Nerang (+16.3%).
Quarterley data showed Broadbeach Waters recorded the biggest jump in unit prices over the three months to December (+4%), followed by Bilinga (+3.7%) and Palm Beach (+3.4%).
28 Lagoon Park Drive, Maudsland will go to auction at The Event 2025.
The latest Propertyology 2025 Property Market Outlook predicted prices on the Gold Coast to boom 10 to 13 per cent this year.
“A significant portion of the 250,000 (net) residents who relocated away from Sydney during the last decade now reside on the Gold Coast, where the median house price is currently higher than seven of the eight capital cities,” the report stated.
“Despite already producing 90 per cent tail growth over the five years ending 2024, real estate on the Gold Coast is expected to boom again in 2025.
“There’s no sign of a slowdown in either its local economy or internal migration. That said the luxury market appears to be stronger than the middle-income market, many of whom will have reached their affordability ceiling.”
The Propertyology report forecast growth in every major Queensland region, including Cairns (7-11%), Townsville (25-30%), Mackay (12-16%), Fraser Coast (5-8%), Sunshine Coast (12-16 %), Toowoomba (9-13%), Bundaberg (6-9%) and Brisbane (7-10%).
Ms Flaherty said that with more and more suburbs pushing into the $1 million-plus club, buyers were having to make compromises on where they lived, and the dwelling type.
“When you consider things like wages, cost of living pressures, home values continuing to rise and rates remaining high, it is becoming increasingly challenging to save for a deposit,” she said.
Aleisha Dawson, Property Journalist
First published 11 Jan 2025, 6:00am
