Queensland's coastal property boom not done yet

author-avatar By
on November 10, 2021 Fact Checked
Queensland's coastal property boom not done yet

Property prices have exploded on the Sunshine Coast and Gold Coast by up to 54%, with more room for growth anticipated by experts.

Whether you head up or down the coast, the demand for property is the same - some of the highest in the country.

Queensland's Sunshine Coast and Gold Coast have experienced record property price growth over the course of the pandemic.

The Gold Coast experienced 'steady' price growth over the past 10 years, but these prices experienced 'significant' acceleration since the pandemic began.

The demand-led property boom saw monthly sales volumes rise 39.9% over the past 12 months, with vacancy rates at a 'crisis' level of less than 1%.

Findings from buyers' agency InvestorKit revealed that Broadbeach - Burleigh experienced the highest median house price growth of 38.2%. 

Following Broadbeach - Burleigh was Coolangatta where house prices rose by 21% and Surfers Paradise, up 18%.

Additionally, median house prices increased by 18.1% in Nerang; 14.1% in Southport; 13.7% in Ormeau - Oxenford;  13.4% in Robina; and 11.2% in Gold Coast - North according to InvestorKit's report.

Arjun Paliwal, Head of Research and founder of InvestorKit, forecasts that the Gold Coast region will continue to boom over the next six to 12 months.

"The significant stock shortage in the Gold Coast is pushing house prices up, as buyers from Sydney and Melbourne consider a seachange and shift in lifestyle during the pandemic and others bring forward their retirement plans," Mr Paliwal said.

"While house prices in Surfers Paradise and Broadbeach - Burleigh surpassed the $1 million mark a few years ago, with Coolangatta fast approaching, many other regions in the Gold Coast remain quite affordable."

However, he anticipates that the pace of growth may slow as sales volumes decline slightly in some areas.

Sunshine Coast's record-high house prices could push even higher

Domain's latest house price report revealed that the Sunshine Coast is home to some of the best-performers in annual price growth over the past 12 months.

Specifically, the median house price in Minyama exploded by 54.4% to $1.66 million, making it the sixth-best performer over the past year.

Also home to the eighth-best performer, Sunshine Beach, where house prices soared by 47.6% to an 'astonishing' $2.665 million.

The region's property boom was fuelled by 'insatiable' cashed-up southerners, with the 'aggressive' growth shooting the median house price of 11 suburbs into the millions.

This brings median house prices over $1 million in the Sunshine Coast to 15, with more tipped to join the club.

Domain chief of research and economics Dr Nicola Powell said there's still more room for growth as the market continues to power along.

"I would say the Sunshine Coast was one of the best performing cities in Australia over the September quarter … and it’s up there for annual growth," Dr Powell said.

Reed and Co Estate Agents director Adrian Reed said tension in the Noosa property marketplace is 'palpable' following the recent Queensland-record sale of a 'luxurious' Noosa apartment for $16.1 million.

"Records are being re-written daily, and the sense of urgency to secure blue-chip property is at a level we have never experienced," Ms Reed said.

"Homes are selling faster, and stock is not lingering or accumulating on the market."


Advertisement

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Lender

Variable
More details
UNLIMITED REDRAWSSPECIAL OFFER
  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
UNLIMITED REDRAWSSPECIAL OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
Variable
More details
AN EASY DIGITAL APPLICATION
  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
AN EASY DIGITAL APPLICATION

Neat Variable Home Loan (Principal and Interest) (LVR < 60%)

  • No ongoing fees - None!
  • Unlimited additional repayments
  • Easy online application, find out if you're approved quick!
  • Redraw- Access your additional payments if you need them
  • Use the app to get loan insights to help you pay off your home loan faster
Variable
More details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
More details
NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
NSW/VIC/SA METRO & INNER REGIONAL AREAS$5000 CASHBACK. T&Cs APPLY.

Variable Home Loan (Principal and Interest)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of May 28, 2022. View disclaimer.


Image by Lynda Hinton on Unsplash

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

Latest Articles

author-avatar
Rachel is a Finance Journalist, and joined Savings in 2021. Coming from a background in the FinTech space, her interests include the innovation of lending technology, property, investing, and more. With a passion for educating and informing people about their finances, she hopes to increase the financial literacy of everyday Australians.

Be Savings smart.
Subscribe for free money newsletters.

By subscribing you agree
to the Savings Privacy Policy