The Gold Coast is now trailing only Sydney as the second most expensive property market in Australia with house prices growing more than 9 per cent in 12 months.
This surge has propelled the city’s median property price to $1.17 million, trailing Sydney by $500,000.
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Suburbs including Surfers Paradise, Broadbeach Waters, Paradise Point, and Palm Beach have emerged as the most sought-after areas, with a notable number of sales exceeding $5m.
A number of factors have contributed to the growth, said Ray White’s chief economist Nerida Consibee.
“The pandemic drove it upwards. Obviously the population movement was a big factor. That population movement is still moving is still happening and we’re also seeing international migration. We’ve also got a housing supply problem,” she said.
However, local agents are observing a gradual increase in available properties with an 11.2 per cent rise in stock on the Gold Coast in the past month.
This article was produced with the assistance of 9ExPress.
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