Seeking clarity on the Gold Coast property market for 2024? This article cuts through the noise to bring you concrete gold coast property market predictions 2024.
Expect a candid look at price movements, supply scenarios, and investment opportunities that could shape your real estate decisions. Whether you’re buying, selling, or investing, get the forecast that matters.
Gold Coast Property Market Overview
The Gold Coast property market has been experiencing significant growth, with median house prices breaking the million-dollar mark. This growth is propelled by factors such as population increases and a strong demand for the coastal lifestyle.
The market’s upward trajectory is supported by robust demand factors, including interstate migration and job market expansion, painting a picture of a housing market that is as dynamic as it is desirable. The Gold Coast’s housing market value is expected to increase by 4% in 2024, reflecting its resilience within the wider Australian property market.
How exactly are these prices shaping up, what’s driving the demand, and what growth trends can we anticipate? We will examine these details.
Median House Prices
In the Gold Coast, property prices have reached a significant milestone:
- The median house price is $1,020,183, a figure that exemplifies the area’s standing in the Australian property market.
- The appetite for well-located properties is unabated, , as indicated by the robust interest in Gold Coast apartments as a good investment.
- Units are no less popular, with the average price falling around $580,000, appealing to a range of buyers from first home buyers to downsizers.
The median house price on the Gold Coast will go up by almost 13 percent, from its current standing to a projected $978,000 by mid-2024.
This projected growth is echoed by ANZ Bank, which anticipates a 6% rise in property prices in 2024 followed by a further 5% uptick in 2025.
The escalation of both house and unit prices reflects the ongoing housing demand in the region, with residential prices continuing to climb.
The Gold Coast’s housing market conditions are characterized by a potent mix of high median values and a demand that seems to outpace supply, putting the region at the forefront of the national average for property prices.
Demand Factors
The siren call of the Gold Coast has only grown louder in recent years, with factors such as interstate migration playing a key driver role in the market’s demand. Migration and lower interest rates could ignite the Gold Coast property market, exacerbating housing demand and contributing to the Gold Coast market’s vitality.
Moreover, the projected arrival of over 200,000 overseas immigrants into the country is set to further fan the flames of an already hot property market, fueled by population growth.
The Gold Coast’s job market is thriving, with key industries bolstering the local economy and attracting more buyers, while events like the Brisbane 2032 Olympic Games promise to sustain this growth well into the future.
Growth Trends
Since 2021, the Gold Coast property market has been on an impressive upward trajectory. A report predicts a median house price of around $806,000 by June 2024, representing total three-year growth of 18%. Despite a recent slowing in market transactions, the region’s property prices are expected to continue their ascent.
Despite a recent slowing in market transactions, the region’s property prices are expected to continue their ascent, buoyed by a market coming to terms with a lower stock of listings and maintaining upward pressure on prices as established residential prices continue to rise.
However, questions about the broader Australian market’s sustainability have led some to speculate on when Australian house prices might crash, a consideration for any potential investor or homebuyer.
Homeowners in areas like Southport are well-positioned to benefit from capital and rental growth, with the latter seeing a significant rise by 7% in the previous financial year.
Gold Coast Real Estate Market Predictions for 2024
As we cast our gaze towards the horizon, the predictions for 2024 suggest continued price growth in the Gold Coast property market. Positive, yet modest growth in Australian property prices is expected in 2024, with the Gold Coast property landscape anticipated to remain a beacon for both home buyers and property investors well into the year.
The market’s resilience is further reinforced by low rental vacancy rates and high house prices, which have put pressure on housing supply due to strong absorption of new listings.
But what does this mean for property prices, interest rates, and housing supply as we progress through the year? We will forecast the potential scenarios for 2024.
Price Growth Forecast
Price growth is anticipated to remain strong, with the median house price expected to rise significantly. For those considering investments, exploring Gold Coast properties for sale can provide insights into potential opportunities.
With a market coming into its own, the Gold Coast house prices are forecast to surge, with the median house price on the Gold Coast expected to increase by almost 13 percent by mid-2024, catapulting it from its current standing to a projected $978,000.
This projected growth is echoed by ANZ Bank, which anticipates a 6% rise in property prices in 2024 followed by a further 5% uptick in 2025.
Looking at specific suburbs, here are the predicted median house and unit prices on the Gold Coast by 2024:
- Labrador: House prices between $800,000 and $1,250,000
- Southport: House prices between $800,000 and $1,250,000
- Labrador: Unit prices between $526,500 and $715,000
- Southport: Unit prices between $526,500 and $715,000
This suggests that the sub-one million dollar market on the Gold Coast will be fiercely competitive, as more buyers vie for a slice of this coastal paradise.
Interest Rates Impact
Interest rates, the pulse of the property market, are expected to stabilize or even decline as we move through 2024. The RBA might be winding down its rate hikes, but don’t expect rates to plummet anytime soon. This potential rate relief is poised to rejuvenate buyer confidence.
With current rates ranging from approximately 5.99% to 6.30%, the anticipated softening to a lower interest rate of around 4.35% could be the nudge needed to amplify housing demand on the Gold Coast.
This potential rate relief is poised to rejuvenate buyer confidence, potentially shifting the supply-demand dynamics in favor of the latter.
A resurgence of consumer confidence, coupled with a plateau in interest rates, could prove a boon for the Gold Coast property market, driving further rate hikes into the realm of yesterday’s concerns. With rising interest rates no longer a pressing issue, the Gold Coast property market may continue to thrive.
Housing Supply Outlook
The supply side of the Gold Coast property market paints a stark picture, with:
- Property listings languishing at 30% lower than the average
- No significant relief in sight over the next two years
- Chronic undersupply
- Construction industry challenges, such as project delays and material sourcing issues, which exacerbate the problem.
Most new properties under construction are targeting the higher price brackets, doing little to alleviate the urgent need for more affordable housing options.
As such, with demand outpacing supply, prices are anticipated to continue their upward trajectory throughout 2024, applying sustained upward pressure on the Gold Coast housing market.
For more on this issue, consider the insights on the rental crisis on the Gold Coast.
Top Suburbs to Invest in Gold Coast in 2024
In the quest for investment opportunities, certain suburbs stand out as the jewels in the Gold Coast’s crown. Suburbs like:
- Southport
- Biggera Waters
- Upper Coomera
- Nerang
- Ashmore
- Labrador
have emerged as top contenders for savvy investors looking to capitalize on the Gold Coast property market’s promising prospects in 2024.
But what sets these suburbs apart, and why are they poised to appeal to those looking to invest in the Gold Coast home market? We will explore the suburbs that offer affordability, high growth potential, and attractive rental yields, providing a comprehensive picture of where to invest in the year ahead.
Affordability Hotspots
Affordability remains a key consideration for many property hunters, and the Gold Coast does not disappoint. Suburbs such as Southport offer units with a median price tag of $555,000, a bargain for those seeking value in 2024.
Meanwhile, rental prices in Upper Coomera strike a balance between affordability and lifestyle, with median weekly rents sitting at $680 for houses and $615 for units.
Nerang and Carrara, both family-friendly options, present more affordable rental prices compared to other Gold Coast areas, while Labrador offers beach-side affordability that’s particularly enticing for renters, with median weekly rents of $720 for houses and $560 for units.
These affordability hotspots provide a variety of options for home buyers and renters alike, ensuring that the dream of owning a well-located property on the Gold Coast remains within reach.
High-Growth Suburbs
For those with an eye towards future value, certain Gold Coast suburbs are primed for high growth. Some of these suburbs include:
- Broadbeach
- Biggera Waters
- Hope Island
- Coomera
Coomera, in particular, stands out with an annual growth rate of +9.1% and a median unit price of $540,000, signaling its potential as a growth hotspot.
Proximity to the ocean has always been a catalyst for growth, with suburbs like Broadbeach Waters and Mermaid Beach leading the charge.
This suggests that neighboring areas such as Southport and Labrador may not be far behind, poised for similar growth trajectories thanks to their appealing climate and liveability factors.
Experts also point to suburbs like Ashmore and Nerang as hidden gems, with untapped potential for significant price increases in 2024.
Attractive Rental Yields
Rental yield is a key metric for property investors, and the Gold Coast offers several suburbs with compelling figures. Southport, with weekly rents at $750 for houses and $590 for units, along with Upper Coomera and Labrador, present some of the most attractive rental yields in the region.
These yields are bolstered by a robust average rental price of $650 per week for houses and $520 for units across the Gold Coast.
Suburbs like Currumbin Waters and Mudgeeraba are also on the radar for rental yield growth, especially for unit rentals in areas such as Tugun, Bilinga, and Robina.
The increased demand for property, driven in part by retirees seeking a work-life balance, is particularly pronounced in these key suburbs, likely enhancing rental yields as we move through 2024.
Challenges and Opportunities for First Home Buyers and Renters
The journey into homeownership or finding a rental home on the Gold Coast comes with its own set of challenges and opportunities. High rental prices and a limited housing supply present hurdles for first home buyers and renters.
However, the market also offers pockets of potential for those willing to adjust their expectations and explore different suburbs.
Understanding these challenges and where the opportunities lie is key for those looking to make their mark on the Gold Coast property market. We will consider what first home buyers and renters need to bear in mind and where they might find their ideal place in the competitive landscape of 2024.
Adjusting Expectations
First home buyers on the Gold Coast may find themselves recalibrating their expectations as they navigate the market’s realities. With entry-level homes and units seeing price decreases, there are savings to be had, but buyers must remain flexible regarding location and property type.
Additionally, with properties lingering a bit longer on the market compared to a year earlier, buyers have more time to weigh their options and find the right fit for their needs.
The flip side of high rental prices is that they might push more renters towards homeownership. However, reduced borrowing capacity means that first home buyers must be prudent with their target price point to secure a foothold in the market.
Adjusting expectations and seeking value in different suburbs or property types might be the key to overcoming the challenges and seizing the opportunities within the Gold Coast housing market.
Rental Market Dynamics
The rental market on the Gold Coast is feeling the squeeze with vacancy rates hitting an extremely low 0.5% for apartments, a clear sign of a market coming under pressure.
The robust rental demand is partly due to the influx of population from interstate migration, which limits rental stock and inflates prices. This situation has resulted in an acute shortage of long-term rental properties, worsening affordability pressures for local families.
Yet, amidst the tight rental market conditions, there are glimmers of opportunity. Suburbs like Southport and Biggera Waters are cited as areas where more affordable rental options may still be found.
Although the median asking price for rental houses on the Gold Coast has escalated, it is worth noting the unique situation of Surfers Paradise, where a high vacancy rate may present unusual opportunities for renters.
Strategies for Successful Property Investment in Gold Coast
Investing in the Gold Coast property market can be rewarding, but it requires a strategic approach to navigate the current landscape and forecasted trends successfully. To maximize returns and minimize risks, investors must consider diversifying their portfolio, timing the market precisely, and seeking the guidance of professionals with local expertise.
With the right strategies in place, investors can capitalize on the promising predictions for the Gold Coast property market in 2024. We will discuss some of the approaches that can help investors make informed decisions and secure their investments for the future.
Diversifying Your Portfolio
The adage of not putting all your eggs in one basket rings especially true in the realm of property investment. Diversifying your portfolio across different markets and sectors can cushion the blow of any clear downside risks.
This strategy is particularly salient on the Gold Coast, where infrastructure projects like the Light Rail expansion and the Gold Coast City Council Plan 2022–2027 promise to bolster the local economy and create new opportunities for property investors.
By spreading investments across various property types, such as residential, commercial, and retail spaces, investors can enjoy a more stable and potentially more lucrative revenue stream from their investment property. It’s about capturing income from multiple sources, which can lead to a higher overall return on investment.
Timing the Market
In the ever-changing tides of the housing market, timing is everything. Striking while the iron is hot or biding time when the market is cooling can make a significant difference in investment outcomes. Keeping a close eye on housing market conditions, such as advertised stock levels, can provide investors with the insights needed to time their entry or exit from the market strategically.
While completely ruling the market is a tall order, understanding the cycles and acting accordingly can improve the chances of success.
Investors should monitor the Gold Coast property market trends, taking note of when to expect more buyers or when stock levels might rise, to make the most of their investment properties.
Seeking Professional Advice
Navigating the intricacies of the Gold Coast property market can be daunting, and that’s where the expertise of a buyer’s advocate comes into play. Engaging with professionals who offer tailored advice and support throughout the investment process can be invaluable.
These advisors not only save time by conducting property searches and handling negotiations but also provide investors with early access to properties, including off-market deals, offering a competitive edge in a dynamic market.
A buyer’s agent can help you with:
- Focusing on your needs and goals
- Ensuring a more targeted and effective property selection
- Streamlining the process
- Steering investments towards success
Whether you’re seeking palm beach properties or well-located investment properties in middle-ring suburbs, professional advisors can help.
Summary
The Gold Coast property market in 2024 remains a landscape of vibrant opportunity amid evolving challenges. From the steady climb of median house prices to the high-demand suburbs primed for investment, the region continues to captivate the imagination of investors and homebuyers alike. The market’s resilience is buoyed by a combination of factors, including robust economic conditions, attractive rental yields, and strategic infrastructure developments.
For those looking to make their mark, understanding the nuances of the market is paramount. By adjusting expectations, timing investments wisely, and seeking professional guidance, one can navigate the Gold Coast’s real estate waters with confidence.
As we’ve explored, whether it’s capitalizing on high-growth suburbs or finding affordable options for first-time buyers, there is a strategy for success in this coastal real estate haven. May this guide inspire your property journey and lead you to prosperous shores.
Frequently Asked Questions
What suburbs are set to boom in 2024 Gold Coast?
Consider investing in suburbs near those experiencing steady price increases such as Southport, Biggera Waters, Molendinar, Ashmore, Carrara, and Coombabah for potential capital growth in 2024.
How much will houses cost in 2025 Gold Coast?
House prices on the Gold Coast are predicted to surge by mid-2025, with 38 suburbs reaching million-dollar prices and four exceeding $2 million due to strong demand and limited housing supply. So, the cost of houses is expected to increase significantly in 2025.
What is the property value forecast for 2024?
The property value forecast for 2024 shows that nearly half of respondents anticipate a rise in house prices, while one quarter believe prices will stay steady, and the remaining predict house price falls.
How has the rental market on the Gold Coast been performing?
The rental market on the Gold Coast has been performing strongly, with the average rental price for houses at $650 per week and units at $520 per week.
What are some strategies for successful property investment on the Gold Coast?
To successfully invest in Gold Coast property, consider diversifying your portfolio, timing the market, and seeking professional advice for better chances of success.
