Gold Coast housing prices grew almost four times as much as expected this past year, with prices set to rise further amid fresh predictions it, along with neighbouring Brisbane, will outperform all other Australian capitals in 2022.
Queensland’s second-largest city has truly surpassed expectations of a dwelling price rise of 8 per cent in 2021, instead notching a 30.4 per cent jump off increased interstate migration, low stock and heightened demand.
The Gold Coast’s house prices have increased by a staggering 35.1 per cent in the past year, with the median price now $966,000.
December’s bump in dwelling prices was a modest increase from the previous month, when dwelling values grew at a rate of 2.7 per cent.
House price growth has also seen an uptick and unit prices have lost some momentum after lifting by 2.8 per cent and 2.4 per cent respectively in November.
According to Corelogic, property values on the Gold Coast rose 2.8 per cent in November—the second biggest increase of any capital city, behind Brisbane—to be up almost 32 per cent over the year.
Hot spots such as Mermaid Waters, Miami, Burleigh, Bundall and Mermaid Beach collected the biggest quarterly and annual price rises, which has led to a series of record-setting sales.
The current median value for a property is now $788,000, and has further advanced an additional $8,000 during December.
A typical Gold Coast house is now about $287,000 more expensive than it was at the beginning of January, 2021, while units have experienced a gain of $163,000.
The Coolangatta region claimed the biggest quarterly price rise with 12.1 per cent, which pushed the median house price to $1.15 million.
Further north, the prestige pocket of Mermaid Beach became the Gold Coast’s first suburb with a $2-million median after an eye-watering 32.4 per cent annual lift to $2.07 million.
Next door—in the fast-rising market of Mermaid Waters—units won gold on the annual price rise podium after a jaw-dropping 47.5 per cent increase to a median of $635,000.
Houses prices in nearby Miami, the report also revealed, surged 44 per cent over the same period to $1.2 million, while in Bundall they shot up 34.7 per cent to $1.4 million.
Across the city, the overall median house price increased by a more subdued 1.9 per cent to $820,000—indicating the growth cycle might have passed its peak—while units collected a stronger 4.9 per cent rise to push prices up by $25,000 to $535,000.