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Gold Coast property prices continue to go for gold, with the Olympics just one factor helping median house prices soar past the million-dollar mark.<\/p>\n
With interstate migration at an all-time high, an undersupply of houses and apartments for buyers and some of the lowest rental vacancy rates the Gold Coast has ever seen, it\u2019s no wonder that median house prices are sitting above the $1 million mark.<\/p>\n
Buying a house on the Gold Coast isn\u2019t for the faint-hearted, with SQM Research showing that asking prices for houses are currently sitting at an eye-watering $1,223,496, a fifty per cent increase from 12 months ago.<\/p>\n
The laidback Queensland lifestyle has seen more than 30,000 Australians migrate into the state, the largest annual net population gain from interstate migration in more than sixteen years.<\/p>\n
Ray White data shows in the last 30 days, more than 21 per cent of Gold Coast auction buyers were from interstate.\u00a0<\/p>\n
Industry experts are predicting continued growth for the Gold Coast this year, with the Olympics, and continued high buyer and rental demand driving the market.<\/p>\n
For aspiring buyers, apartments are the relatively affordable option, with asking prices currently sitting at $598,800, which still represents a 27.5 per cent increase from one year ago.<\/p>\n
CoreLogic data shows that the median property price on the Gold Coast is sitting at $966,000, one of the highest in the country.<\/p>\n
According to the Australian Housing Outlook Report for 2021\u20132024<\/em>, median house price growth is expected to rise by 19 per cent over the next three years.<\/p>\n It was also mentioned that median apartment prices are set to follow a similarly strong pattern as the prospect of returning international travel attracts investors to the market over the next three years.<\/p>\n Real Estate Institute of Queensland CEO Antonia Mercorella weighed in on how high demand and flooding in other areas of the state<\/a> are impacting prices.<\/p>\n \u201cHistory has shown that we have a resilient property market and there is still incredible demand for housing, and now a significant proportion of available stock will be taken out of both the sales and rental markets.<\/p>\n \u201cAdditionally, unaffected suburbs may attract premium prices due to their \u2018safety\u2019 appeal,\u201d she said.<\/p>\n Among the Gold Coast suburbs seeing the biggest increase in median prices over the last twelve months are Coolangatta<\/a> (46.9 per cent), Mermaid Waters<\/a> (46.1 per cent) and Mermaid Beach<\/a> (43.3 per cent).<\/p>\n