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Gold Coast house prices on the move again

Gold Coast house prices on the move again

Up, up and up it goes, where it will stop nobody knows.

I’m talking about the median house price and not for the first time this year.

Why? Because is continues to climb at an unprecedented rate and regional Queensland areas such as the Gold Coast are experiencing some of the fastest and largest jumps.

According to Real Estate Institute of Australia president Adrian Kelly, over the past quarter to June the Gold Coast median house price has risen by 4 per cent and 21.4 per cent over the previous year.

Last week it snuck up $17,000 to hit a record high of $797,000, according to figures from REA Group, with apartments following suit, rising $10,000 to reach $485,000.

Compare these figures to January, and the prices stood at $690,000 and $430,000 respectively, with an annual rise of 6.1 per cent and 4.3 per cent.

Go back to the start of 2020, which was when Covid came along and subsequently kick-started this rapid house price ascension, and the medians were sitting at $661,310 and $410,000, with annual growth of just 1 per cent for houses, while units were in negative territory at -0.5 per cent.

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What a difference a year – and an unexpected pandemic – can make, hey?

News of rising house prices can elicit different emotions, depending on which side of the property fence you’re sitting on.

Homeowners and sellers are rubbing their hands in glee.

Their houses are now worth, on average, almost $150,000 more than they were just over 12 months ago.

Take the new Oakey Bay apartments just about to go on sale at Coomera.

For apartment owners, as has always been customary, the annual advance in prices has been a little more modest at $75,000.

Although we could soon see the gap in gains between these two property types come closer together given the level of luxury beachside apartments that are popping up like mushrooms across the Coast. Source: realestate.com.au