The Gold Coast's real estate market has demonstrated resilience in 2023, despite the economic uncertainties and interest-rate hikes by the RBA. The combination of limited housing stock, strong buyer engagement, and sustained interstate migration has contributed to the continued strength of property prices in most areas.
We delve into the Gold Coast property market to see which suburbs are prospering, and which suburbs are facing decline?
Which Gold Coast suburbs have experienced the largest price drops?
The corrections in property prices observed in the first two quarters of 2023 in most areas have not persisted, and declines have been more moderate or even reversed in many suburbs, with a few exceptions. It appears that the suburbs that recorded the steepest growth during the COVID pandemic continued to experience the most significant declines in the second part of 2023.
Looking at the median house price by suburb to December '23, the following suburbs have shown the most substantial declines compared to the previous year.
1. Mermaid Beach
Throughout the COVID years, Mermaid Beach witnessed the most staggering median price growth. For a while, the suburb held the title of 'most expensive suburb on the Gold Coast". However, since the onset of the economic downturn in 2023, it has emerged as the suburb where house prices have experienced the most significant decline. The median house price plummeted by a staggering -23% over the 12-month period ending December '23.
Period (12-months to) | Suburb Median House Price |
December '22 | $3,300,000 |
December '23 | $2,550,000 |
2. Gaven
While the median house price is still ahead of its' pre-pandemic level, real estate prices in this suburb continue to decline. The median house price dropped by -20% compared to December '22.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,415,000 |
December '23 | $1,125,000 |
3. Guanaba
During the pandemic, acreage lifestyle properties providing a retreat from the hustle and bustle of city life were in high demand. Guanaba with its plentiful rural retreats, saw a surge in demand and house prices spiked as a result. However, it seems the initial appeal has not endured, and property prices are now on a downward trajectory. Over the 12 months ending December '23 the median house price declined by 19%.
Period (12-months to) | Suburb Median House Price |
December '22 | $2,125,000 |
December '23 | $1,730,000 |
4. Paradise Point
House prices in Paradise Point hit their peak in June of 2022 with a median house price of $1,915,000. Since that time prices have been experiencing a gradual but consistent decline. The median house price now is -15% below its peak and -9% lower than 12 months ago (Dec '22),
Period (12-months to) | Suburb Median House Price |
December '22 | $1,800,000 |
December '23 | $1,630,000 |
5. Currumbin
While the change in Currumbin was more moderate since the end of the pandemic, and at the height of the COVID-real estate frenzy, the median for the suburb was 1,600,000 in September '22. Since then, it has been on a gradual but consistent decline. The median house price now sits 10% below its peak and has decreased by 4% over the past 12 months.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,502,500 |
December '23 | $1,442,000 |
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Which Gold Coast suburbs have experienced the largest price growth?
Following an initial period of price adjustment at the end of 2022 and into the first six months of 2023, it appears that we have turned a corner, and most suburbs are now witnessing renewed growth in real estate prices. These are the suburbs with the strongest year-on-year growth, as of December 2023.
1. Biggera Waters
While the median house price for Biggera Waters declined in the two quarters to December '22 to $950,000, marking one of the most significant declines on the Gold Coast at the time, the area has since experienced a remarkable rebound. The median house price has continued to grow strongly, currently the median house price is sitting $300k above its lowest point in December '22, that's a staggering year-on-year increase of 32%.
Period (12-months to) | Suburb Median House Price |
December '22 | $950,000 |
December '23 | $1,250,000 |
2. Hope Island
Hope Island's real estate market has demonstrated resilience; while a brief period of adjustments was felt at the end of '22 and the beginning of 2023, prices have since then been on an upward trajectory. The median house price has surged by a whopping 25% since December 2022.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,395,000 |
December '23 | $1,742,500 |
3. Jacobs Well
While Jacobs Well didn't experience as notable house price growth as many other suburbs during the real estate frenzy of the COVID period, the initial decline was moderate, and it has now emerged as one of the suburbs witnessing strong growth in house prices and a suburb where you're still able to purchase a 4-bed house below the magic million-dollar-mark. Since December 2022 house prices have increased by 12%
Period (12-months to) | Suburb Median House Price |
December '22 | $890,000 |
December '23 | $998,000 |
4. Currumbin Waters
While house prices in neighboring Currumbin are experiencing a rapid decline, house prices in Currumbin Waters are proving resilient with rapid growth. Over the past 12 months, the median house price for the suburb has increased by a healthy 12%.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,173,500 |
December '23 | $1,315,000 |
5. Runaway Bay
After an initial period of consistent decline in house prices between September '22 to September '23, the market now appears to have hit new strides, experiencing growth of 12% since December of last year.
Period (12-months to) | Suburb Median House Price |
December '22 | $1,475,000 |
December '23 | $1,650,000 |
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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 31 December '23, as reported on 10 Jan '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
