The property market in Australia has experienced stabilization in many areas, but the Gold Coast is still witnessing a decline in property prices across many of its suburbs. Despite this trend, there are a few suburbs that are defying the odds and continuing to see growth.
We explore the Gold Coast suburbs with the biggest price drops as well as those experiencing significant price growth.
Gold Cost suburbs with the biggest price drops
Looking at the median house price by suburb to June '23, the following suburbs showed the biggest declines compared to December '22.
1. Mermaid Beach
The median house price for the suburb went from 3.3 million in December to 2.675 million at the end of June, a staggering -19% decline over the six-month period, and -4% compared to June '22.
Period (12-months to) | Suburb Median House Price |
December '22 | $3,300,000 |
June '23 | $2,657,000 |
2. Gaven
While the median house price is still well ahead of its' pre-pandemic level, real estate for the area has come of the boil with the median price dropping by -18% compared to December '22.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,415,000 |
June '23 | $1,162,500 |
3. Labrador
House prices in Labrador continued to grow to January '23 when they hit their peak at $930,000, since then the median house price has been on a steady decline every month. The median house price in June sits 10% below where it was in December '22.
Period (12-months to) | Suburb Median House Price |
December '22 | $908,750 |
June '23 | $821,000 |
4. Jacobs Well
The median house price for the suburb is down by 8% in June compared to December '22.
Period (12-months to) | Suburb Median House Price |
December '22 | $890,000 |
June '23 | $820,000 |
5. Paradise Point
House prices have dropped consistently in Paradise Point since hit their peak 12 months ago at $1,915,000 (June '22). The median house price in June'23 sits -14% below June last year and -8% below December '22.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,770,000 |
June '23 | $1,650,000 |
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6. Mudgeeraba
The suburb's median house price peaked at $1,075,000 in December and has since been on a slow but steady decline. In June, the median house price for the area is down 7% compared to December, just dipping below the million dollar-mark.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,075,000 |
June '23 | $995,000 |
7. Tallai
The median house price for Tallai dropped by 7% in June compared to December when it was near its peak.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,617,500 |
June '23 | $1,500,000 |
8. Varsity Lakes
The median house price peaked just over the million dollars at the end of last year and has since declined by -5%.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,000,008 |
June '23 | $950,000 |
9. Ashmore
The suburb's real estate peak was experienced at the end of last year when the median house price hit $1,000,000 and has since gradually declined to $935,000 at the end of June '23.
Period (12-months to) | Suburb Median House Price |
December '22 | $972,500 |
June '23 | $935,000 |
10. Tugun
With a small decline of -3% house prices in Tugun have remained relatively strong over the past 6 months. The suburb hits its peak in August last year when the median house price was $1,225,000.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,137,500 |
June '23 | $1,100,000 |
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Gold Coast Suburbs with the biggest price growth
While close to 60% of the Gold Coast suburbs experienced a decline in the median house price over the first 6 months of 2023, there were a small number of suburbs that are defying that trend. These are the suburbs where house prices grew since December '22:
1. Hollywell
Bucking the trend, house prices in Hollywell continue to increase, recording an 18% median house price increase on last year.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,125,000 |
June '23 | $1,328,500 |
2. Biggera Waters
While the median house price for Biggera Waters declined in the two quarters to December '22 to $950,000, the area recording one of the biggest declines on the Gold Coast at the time. The median house price has since rebounded and has grown steadily month on month.
Period (12-months to) | Suburb Median House Price |
December '22 | $950,000 |
June '23 | $1,022,500 |
3. Yatala
Yatala has yet to see a decline in its median house price, the median price grew by 7% compared to December, and 18% compared to June last year.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,267,500 |
June '23 | $1,352,500 |
4. Worongary
While house prices continued to grow sharply to February this year, growth has slowed down since. The median house price to June '23 is up 35% compared to the same time last year and 7% to December '22.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,200,000 |
June '23 | $1,280,000 |
5. Hope Island
For Hope Island, the median house price hit its peak in October '22 at $1,500,0000, then fell briefly in the last quarter of '22 and at the start of this year but has since shown positive signs of recovery, recoding 4% increase in June '23 compared to December '22.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,395,000 |
June '23 | $1,450,000 |
Other suburbs recording house price growth over the first 6 months of 2023:
Mermaid Waters +3%
Currumbin Valley +2%
Currumbin + 2%
Clear Island Waters +2%
Burleigh Waters +2%
Ormeau +1%
Nerang +1%
Pimpama +1%
Mount Nathan +1%
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What is a median house price?
The median house price is the midway point of all the houses that were sold during the period. For example, if there were 201 houses sold in the last 12-months, the median price will be that of the house price in the middle, ie the house ranked at number one hundred.
There can be a huge gap between the home sold for the highest and the lowest amount. So, consider this when reviewing if you can afford to buy in the suburb; there will be half as many homes sold above the median house price as there will be homes sold below that price. But as a whole it gives you a good indication of the relative real estate value of the suburb.
Sources & disclaimer: median house prices as published by realestate.com.au for the 12-month period to 30 Jun '23, as reported on 11 Jul '23. We have in preparing this information used our best endeavours to ensure that the information contained herein is true and accurate but accept no responsibility and disclaim all liability in respect of any errors, omissions, inaccuracies or misstatements that may occur
