House prices across Australia have been in a slow but steady decline since the RBA first raised the official cash interest rate in March 2022. And while it took a little longer for house prices on the Gold Coast to be affected than they did in say Sydney and Melbourne, realestate.com latest figures show house price growth has slowed down and, in some cases, prices are falling. There are, however, a couple of suburbs where prices continue to grow at a rapid rate.
Which suburbs on the Gold Coast are house prices dropping?
Looking at the median house price by suburb to December '22, the following suburbs showed the biggest declines compared to the previous quarter (12-months to Sep '22). And while in most cases the growth experienced during the covid boom, meant house prices in most suburbs are still well ahead of their value a year ago, there were two suburbs that bucked that trend and in fact recorded a year-on-year decline; these were Currumbin and Biggera Waters. I should however also add that the median price pre-covid (Mar 20) for Currumbin was $945k and Biggera Waters $655k so unless you bought at peak, you will still be laughing all the way to the bank.
1. Biggera Waters
The largest drop in median house price in the last two quarters was recorded in Biggera Waters -20% compared to the 12-months to Jun '22. Year-on-year the median house price dropped by -5%. Currently the median house price is $905,000.
Period (12-months to) | Median House Price |
December '21 | $950,000 |
June '22 | $1,130,000 |
September '22 | $1,040,000 |
December '22 | $905,000 |
2. Currumbin
As at the end of 2022, the median house price in Currumbin is $1,380,000, that's a 5% drop compared to December '21 and a -13% decline to September '22 when prices in the suburb peaked.
Period (12-months to) | Median House Price |
December '21 | $1,450,000 |
June '22 | $1,552,500 |
September '22 | $1,580,000 |
December '22 | $1,380,000 |
3. Runaway Bay
While the median house price for Runaway Bay declined compared to the Jun and Sep quarters, compared to last year it is still up by 5%. Runaway Bay hit its peak in July '22 with a median price of 1.6 million.
Period (12-months to) | Median House Price |
December '21 | $1,242,000 |
June '22 | $1,400,000 |
September '22 | $1,500,000 |
December '22 | $1,392,500 |
4. Palm Beach
The Palm Beach median house price at the of last year is $1,469,500, a 1% increase on the previous year but a decrease of -7% from its peak in September '22.
Period (12-months to) | Median House Price |
December '21 | $1,450,000 |
June '22 | $1,548,000 |
September '22 | $1,580,000 |
December '22 | $1,469,500 |
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5. Hope Island
Hope Island's highest recorded median house price was $1,480,000 in August 2022, since then it has been a gradual decline to the current median of $1,392,500.
Period (12-months to) | Median House Price |
December '21 | $1,242,000 |
June '22 | $1,415,000 |
September '22 | $1,475,000 |
December '22 | $1,392,500 |
6. Tugun
While Tugun saw house prices fall over the last 6-months (-5%), overall, the median price compared to last year is still up by 13%.
Period (12-months to) | Median House Price |
December '21 | $1,005,000 |
June '22 | $1,200,000 |
September '22 | $1,200,000 |
December '22 | $1,137,750 |
8. Molendinar
While prices are falling (-4%) from the height of the market in September '22 at $967,500, to $920,000 in December '22 that still represents a 22% increase on December the previous year.
Period (12-months to) | Median House Price |
December '21 | $755,000 |
June '22 | $917,500 |
September '22 | $967,500 |
December '22 | $920,000 |
9. Merrimac
Merrimac hit its peak in October at $940k and since has shown a moderate decline in its median house price, which as at the end of December sits as $900k.
Period (12-months to) | Median House Price |
December '21 | $775,000 |
June '22 | $910,000 |
September '22 | $935,000 |
December '22 | $900,000 |
10. Currumbin Waters
The median house price in Currumbin Waters increased by 17% year on year, but declined by -4% compared to the previous quarter.
Period (12-months to) | Median House Price |
December '21 | $1,005,000 |
June '22 | $1,230,000 |
September '22 | $1,220,000 |
December '22 | $1,175,000 |
Which suburbs on the Gold Coast are house prices growing?
The following Gold Coast suburbs are bucking the trend of falling house prices, in fact the top three recorded double-digit growth in the last quarter and a staggering price surge year-on year.
1. Guanaba
There doesn't seem to be an end to the growth in this suburb, as at December '22 the median house price is $2,125,000 an increase of 66% year on year and +37% on the previous quarter.
Period (12-months to) | Median House Value |
December '21 | $1,280,000 |
June '22 | $1,407,500 |
September '22 | $1,550,000 |
December '22 | $2,125,000 |
2. Worongary
House prices in Worongary are yet to go backwards, year on year the median price increased by a staggering 46%. Just in the last quarter the median value increased by 12% to $1,214,900.
Period (12-months to) | Median House Value |
December '21 | $832,000 |
June '22 | $945,250 |
September '22 | $1,085,000 |
December '22 | $1,214,900 |
3. Burleigh Heads
The median house price in Burleigh Heads stagnated between June and November, but then proceeded to hit a new record in December of $1.5m+.
Period (12-months to) | Median House Value |
December '21 | $1,220,000 |
June '22 | $1,415,000 |
September '22 | $1,402,500 |
December '22 | $1,532,500 |
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Other suburbs recording house price growth over the last quarter of 2022:
Labrador +5%
Ormeau Hills +4%
Yatala +3%
Pimpama +3%
Ormeau +2%
Coomera +2%
Hollywell +2%
Gaven +2%
Helensvale +2%
Pacific Pines +2%
Broadbeach Waters +1%
Varsity Lakes +1%
Upper Coomera +1%
Oxenford +1%
Bundall +1%
Southport +1%
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 100.
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 Dec '22, as reported on 15 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
