Gold Coast Set to Surpass Sydney as Australia’s Premier Luxury Property Market

The Gold Coast is emerging as the new darling of Australia’s luxury real estate sector, potentially eclipsing Sydney as the preferred hotspot for affluent buyers. With its stunning coastlines and upscale lifestyle, the region recorded an impressive growth in median house prices, soaring to $1.17 million and trailing only behind Sydney’s $1.7 million, according to insights from Ray White Chief Economist Nerida Conisbee.

In a recent discussion at the Ray White Surfers Paradise Group Exclusive Market Report Event, Conisbee illuminated the swift rise of the Gold Coast in the real estate hierarchy. “The luxury housing market has significantly outperformed the broader market, making the Gold Coast a highly lucrative investment choice,” she noted. She further speculated that, “If this growth trajectory holds, the Gold Coast could rival Sydney’s median price by 2027.”

This remarkable growth is supported by a 9% increase in house prices over the past year, surpassing the national average of 8.5%. Catherine Nikas-Boulous, in her article, quotes Conisbee saying, “The Gold Coast could be called the Miami of Australia. There are far more great dining and lifestyle options available than ever before.”

The allure of the Gold Coast has not only captivated property developers like Bob Ell and Harry Triguboff but also celebrities such as Colin Firth and Hugh Jackman, who have been spotted in the Marina Mirage precinct. The influx of wealth has spurred the construction of “incredible homes,” according to Conisbee, reflecting the area’s transformation into a luxury enclave.

Migration trends further fuel this real estate boom, with approximately 15,300 people moving to regional Queensland in 2023 alone, many settling on the Gold Coast. This has catalyzed a spike in housing quality and renovation activities, catering to affluent individuals relocating from major cities like Melbourne and Sydney.

However, the rising interest rates pose a challenge, as noted by Andrew Bell, Chairman of Ray White Surfers Paradise Group. “Higher interest rates have taken their toll on the number of people in the market looking for a home,” Bell acknowledged, signaling a potential cooling in buyer activity despite the market’s vibrancy.

For real estate professionals eyeing the Gold Coast market, areas like Surfers Paradise North and Mermaid Beach have shown exceptional growth, with property prices climbing significantly over the past year.

As the Gold Coast continues to draw interest and investment, it stands on the precipice of becoming Australia’s new epitome of luxury living, rivaling the long-standing dominance of Sydney’s property market.

References:

https://eliteagent.com/the-gold-coast-is-set-to-outshine-sydney-as-australias-luxury-property-hotspot/