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The number of properties on the Gold Coast fetching seven-figure price tags significantly increased during the pandemic, a new analysis showed.
While other markets are predicted to peak in the coming months, the premium Gold Coast market is showing no signs of slowing down, with more than 5,600 properties selling during the past 12 months for $1 million or more.
The figures are a staggering 67.4 per cent jump from the 3,778 trophy properties that have sold in the region during the previous year.
Of those recent sales, data showed 4,336 properties were sold with a price ranging between $1 million and $2 million.
But the high-roller buyers were not limited to the already eye-watering purchase price range. Data showed 863 properties sold for between $2 million and $3 million, while 268 properties priced between $3 million and $4 million were also snapped up by buyers.
In another show of the strong demand for premium real estate in the region, 193 properties were bought for more than $4 million, indicating that big spenders are betting their chips on the prestigious market.
Jason Adcock of Adcock Prestige said the figures showed how far the Gold Coast property market had surged in the past 12 months and how sellers have done “extremely well” during one of the biggest boom periods in its property market’s history.
“The Gold Coast has always had an impressive prestige property market, but what these figures show is how much the overall value of properties has improved across the board on the coast,” he said.
He professed that while the region’s price growth can be described as a “bit of a rollercoaster” in the past, the glitter strip has now fully cemented its status as a solid property market in the last two years as prices stabilised.
He also commented that it’s not just waterfront properties that are racking up big numbers. “Many of these suburbs chalking up significant multi-million dollar sales are not beachfront, but they are homes which offer buyers, particularly those from Sydney and Melbourne who have moved here from the Gold Coast, much more bang for their buck,” he said.
And local experts predict that the boom will continue, with figures backing this positive outlook.
According to Dan and Essie Moloney of Adcock Prestige Gold Coast, the predicted increase in the region’s population from 577,000 residents to between 831,000 and 1,076,000 people by 2041 will further stoke demand.
“Gold Coast property owners have fared very well in the past 12 months during the boom,” Mrs Moloney said.
“And from everything I see, that is set to continue. There is a big imbalance between demand and supply in markets like the Gold Coast and that’s predicted to continue for the next three years, [which] will lead to further property price growth.”
Mr Moloney also observed that like many other regions in the Gold Coast, the rental market was also under pressure. He cited that vacancy rates are currently at 0.5 per cent, which he described as “extremely tight”.
“With few rental properties available and rents are rising more people are buying on the Gold Coast which is pushing values even higher,” he said.
The local expert says the golden strip is tipped to reach new highs in the near future. “We are about to hit a prime selling period on the Gold Coast, with thousands of travellers expected to visit here over Easter and go home with something other than sand between their toes,” he surmised.
Surfers Paradise gets biggest slice of the prestige Gold Coast market
Surfers Paradise saw the highest number of million-dollar sales, with a total of 285 properties priced between $1 million and $2 million changing hands during the period.
The beachside city also saw five properties with a price tag of beyond $10 million going to new owners, the highest number of sales within the jaw-dropping price range.
Other areas with the highest number of buyers dropping $1 million to $2 million for a property were Palm Beach (209 properties), Hope Island (197 properties), Robina (184 properties), and Mermaid Waters (177 properties).
Meanwhile, Hope Island bagged the biggest number of sales for properties ranging from $2 million to $3 million with 84 properties.
Other locations that saw the highest number of buyers putting out $2 million to $3 million were Broadbeach Waters (58 properties), Mermaid Beach (58 properties), Surfers Paradise (58 properties), and Paradise Point (57 properties).
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