Gold Coast units have soared to new heights when it comes to price, with fresh data revealing it’s now more expensive to buy here than in Sydney.
According to Ray White, the median price of a unit on the Gold Coast has jumped to $956,000 compared to Sydney’s $927,000.
Experts say migration continues to be a major factor for the rise.
“The region is attracting new residents from across Australia and overseas, drawn by lifestyle, climate, and improving infrastructure,” Ray White said.
“Population growth in the Gold Coast and broader southeast Queensland remains among the fastest in the country, yet new housing supply is failing to keep pace”.
Luxury development along the coastline has also been credited for driving much of the price growth, with the strongest results recorded in premium beachfront precincts.
Neoval data shows that Main Beach now leads the city, with a median unit price of $1.73 million following a $880,000 rise over the past decade.
Close behind are Burleigh Heads and Palm Beach, where median unit prices have climbed by $760,000 and $740,000 respectively.
Currumbin-Tugun has also surged, with prices up 134 per cent over the decade and $740,000 in dollar terms.
“Demand is being led by downsizers and interstate buyers from Sydney and Melbourne who are willing to pay premium prices for waterfront living,” Ray White said.
“Developers have responded with a wave of high-end apartment projects offering resort-style amenities and large floorplates, a product now synonymous with the modern Gold Coast skyline”.
