The Gold Coast is now trailing only Sydney as the second most expensive property market in Australia with house prices growing more than 9 per cent in 12 months.
This surge has propelled the city’s median property price to $1.17 million, trailing Sydney by $500,000.
Suburbs including Surfers Paradise, Broadbeach Waters, Paradise Point, and Palm Beach have emerged as the most sought-after areas, with a notable number of sales exceeding $5m.
A number of factors have contributed to the growth, said Ray White’s chief economist Nerida Consibee.
“The pandemic drove it upwards. Obviously the population movement was a big factor. That population movement is still moving is still happening and we’re also seeing international migration. We’ve also got a housing supply problem,” she said.
However, local agents are observing a gradual increase in available properties with an 11.2 per cent rise in stock on the Gold Coast in the past month.
Originally publishd by Yasmin Bonnell on 9News.com.au. View article online HERE.