What is the median house price on the Gold Coast?

If you're someone who is always keeping an eye on the housing market, you might have a general idea of what the average price for a home is in your area. Even if you aren't always browsing the listings, you might be interested in the real estate industry and what it means for the rest of the economy.

The median house price on the Gold Coast has changed over the past two years as a result of the economy and other world events. What does it look like now, as we approach the end of 2022, and what does this mean for potential buyers? We're going to take a look at where the market currently stands on the Gold Coast.

Historical median house prices

House prices have reached record highs in the past few years, with the Regional Market Update revealing that values have increased about 36% since the end of 2020. Gold Coast in particular has seen a lot of growth in the past year, with houses staying on the market for a median time of only 16 days in 2022.

More Australians are opening themselves up to a change in lifestyle, and there is no better place to elevate your living standards than the Gold Coast. From the arts and culture to its natural beauty, the region makes for a great place to live. It wasn't just this year that proved how many Australians realized the opportunity and took it. The Gold Coast Bulletin reports that more than 22,000 people moved to the area in the past six years, seeing a sharp increase in 2020-2021.

In addition to more residential interest, real estate investors have taken an increased hold on the area. The Gold Coast is a natural destination for tourists and those looking for a stay-cation, making it a perfect location for investors to build hotels and short-term rentals. These investments can drive up Gold Coast property market prices, and impact the market as a whole.

In his 2021 market wrap, Ray White's Greg Bell reported that "the Australian real estate market has experienced the third fastest annual rate of house price growth in 140 years." This is a clear example that the 2021 real estate landscape was an outlier when compared to previous years. 

In general, the housing market on the Gold Coast saw a meteoric boom in 2020 and 2021. But what about the reality of real estate this year? Let's take a look. 

2022 house prices on the Gold Coast

For those who have been biding their time, waiting for the housing market to relax before buying anything, there could be good news in the air. Even a gentle downturn of the current seller's market could mean a slight move away from the astronomical Gold Coast house prices. However, it's important to keep in mind that the median house price is still higher than the average year over year. The median price is over $1 million on the Gold Coast when we look at the growth of house prices.

Many people who live on the Gold Coast don't have houses, however, with many residents calling apartments home. Rental prices and the rental market are also fairly high compared to other regions in Australia. Australian Bureau of Statistics that the "median weekly rent on the Gold Coast has jumped from $390 in 2016 to $450 in 2021, an increase of $60 a week."

These marked changes in the price of both houses and apartments on the Gold Coast are not necessarily a bad thing. In Andrew Bell's market wrap he notes that real estate and rental yield is cyclical. The market slowing down is almost inevitable and can be healthy for both buyers and sellers.

As Bell puts it, "But you have to remember, as I have talked about for years now, that real estate is part of an economic cycle. That cycle is worldwide as well as Australia-wide, but the amazing thing about real estate is that we all need a home, so there is a never-ending demand. It's just how large that demand is and in proportion to supply."

Projected property market and housing values

What will the future of the real estate and Gold Coast property prices look like?

Having an idea of what the market might be like in the future could help buyers prepare. Knowing your personal goals, financial capabilities and must-haves for your new home are important when you're looking to make the big purchase.

One of the key indicators of the housing market is looking at the demand for houses, apartments and a hint from the region's population. The population on the Gold Coast is projected to continue its trend of growth, which will definitely have an impact on the housing market. Population Review reports that the current population of the Gold Coast is 721,687, and is expected to increase by 20,913 by 2024.

Previously, the demand for property had not been met with available supply, which is what drove up prices in the region. Developers are trying to keep up with the influx of interest, which is partially why the market is finally beginning to cool. In addition, the decline of COVID-19 infection numbers across the nation will also impact real estate. As fewer and fewer people were affected by the virus, house prices began to cool slightly. This was in tandem with additional factors, like increased supply.

Is now a good time to buy a house?

With all this information in hand, you can make a more informed decision about whether now is a good time to buy a house. As is usually the case, the answer to this question varies depending on your personal circumstances. Keep an eye on interest rates, talk to a financial advisor and communicate with your real estate agent. Professionals can help guide you in the right direction. The median house prices in the Gold Coast have slowly but steadily slowed, so now is a better time for some than a year ago.

Before diving in, make a list of things that you must have in your new home. This can help your real estate agent get a better idea of what you are looking for and, from there, determine the average price of a home with the items you want. Now, you'll have a better understanding of whether or not you can afford the house you want at its current market value.

Make sure that you're open to every option available, and look at the Gold Coast suburbs that are more affordable while still being livable. You can rely on the industry knowledge of the experts at Ray White Surfers Paradise to help you determine where your next move is going to be. Are you ready to get started? Reach out to RWSP to learn more.