After an extended run of strong growth, the Gold Coast property market is moving into a more measured and balanced phase. Momentum has eased across a number of suburbs, with growth softening for the second quarter in a row, and the apartment market has felt it the most.
PMC senior buyers agent Chelsea Purcell spends her weeks at inspections and negotiating for buyers across the Gold Coast, with a particular focus on Broadbeach, Mermaid Beach, Mermaid Waters, Robina, Varsity Lakes, Miami, Burleigh Waters, Burleigh Heads, Palm Beach and Elanora. In this Gold Coast property market update, she shares what’s happening suburb by suburb and what it means for buyers.
Gold Coast house prices: only small movements
Most Gold Coast suburbs recorded a modest pullback in house values this quarter, with changes generally ranging between 0% and -3%. The softening was more noticeable across the northern corridor than in the south, but overall the movement was small
- Biggest mover: Helensvale, down 2.8%
- Top performer: Miami, up 1.8%
Gold Coast apartments prices: softer for a second quarter
For the second quarter in a row, the apartment market has continued to soften, with most suburbs down between 2% and 4%.
- Molendinar, down 5.2%
- Broadbeach Waters, down 4.6%
- Hollywell in the north, up 4.3% (top performer)
- Banora Point, up 3.2%
Apartments have felt the slowdown more than houses because they rely more on investor demand, and investors have been a lot more cautious this year.
What Chelsea is seeing on the ground
- Fewer buyers at opens. Some properties are getting 0 to 2 groups through on average, while others are still attracting 8 to 10.
- Buyers are taking their time. Many are slow to respond or take action.
- More conditions in contracts. Agents are reporting more ‘subject to sale’ conditions and finance clauses are more common too.
- Longer days on market. Homes are taking longer to sell than they were earlier in the year.
For buyers, all of this adds up to more time to do your homework and more room to negotiate on the right property.
What’s next for the Gold Coast property market
Here’s what Chelsea expects over the coming months:
- Little to no growth between now and Christmas in most suburbs
- A slight increase in stock as the spring selling season gets underway, giving buyers more choice
- Auction clearance rates staying low
- ‘Subject to sale’ contract conditions becoming the new normal
- Rents slowly increasing as more investment stock is bought by home owners
A more segmented Gold Coast market
“The Gold Coast market is likely to become more segmented, with pressure building in areas with higher leverage and investor exposure. Still, the region’s lifestyle appeal, population growth and owner-occupier demand should keep desirable suburbs moving.”
– Chelsea Purcell
In simple terms, well-located and tightly held suburbs are likely to keep showing more resilience, while areas with a lot of apartment supply and investor ownership may face more pressure.
One of the bigger challenges is the gap between what it costs to build new apartments and what buyers are willing to pay. Rising construction costs are pushing developers towards premium price points, so most new supply is at the top end. Real improvements in affordability will depend on more supply through planning reform and infrastructure investment, and that takes time.
Tips for buying on the Gold Coast this spring
- Know your suburb. With some suburbs rising and others on the decline or stagnating, local knowledge matters more than Gold Coast-wide averages.
- Be picky with apartments. Look closely at nearby supply and turnover rate, as well as investor vs owner occupier ratio in the building.
- Use the quieter opens. Fewer buyers means more time to ask questions and more room to negotiate.
- Have your finance ready. With more conditional offers around, a clean offer can really stand out and save you money.
Frequently Asked Questions
Are Gold Coast property prices dropping?
Only modestly. Most suburbs saw house values change by between 0% and -3% this quarter, while apartments generally fell between 2% and 4%. Year on year, values remain higher than this time last year.
Which Gold Coast suburbs performed best this quarter?
Miami led the way for houses (up 1.8%), while Hollywell (up 4.3%) and Banora Point (up 3.2%) led for apartments and townhouses.
Are Gold Coast apartments a good buy right now?
Apartments are under more pressure because of their investor exposure, so location, building quality and nearby supply matter more than ever. A local buyers agent can help you weigh this up.
Will Gold Coast rents go up?
We expect rents to rise slowly as more investment properties are bought by owner-occupiers.
Thinking about buying on the Gold Coast?
Have a chat with Chelsea and our Gold Coast team. We know these suburbs inside out and we’d love to help you find the right home at the right price.