With increased housing pressures and a burgeoning population that is tipped to reach 1 million by 2024, it should come as no surprise that the Gold Coast property market trends are shifting into overdrive.
Lauded for its liveability and endless 20-degree-plus days, the Gold Coast’s real estate growth is underscored by an average 2.2% population growth over the last five years – some 0.6% higher than the national average of 1.6%.
For those looking to stake their claim on the Gold Coast property market in 2023, that translates to a median increase in house prices of 7.6% over the past 12 months.
In this article, we’ll outline some of the Gold Coast’s current real estate market trends, as well as highlight a handful of high-growth suburbs that avid property investors should be keeping their eye on for the Gold Coast in 2023.
Table of Contents
- Why buyers are choosing the Gold Coast
- Gold Coast Market Critical Insights
- House Market Snapshot 2023
- Unit Market Snapshot 2023
- Gold Coast Suburbs to Invest In
- Biggera Waters
- Hope Island
- Broadbeach
- Worongary
- Hollywell
- Burleigh Heads
- Maudsland
- Pimpama
Why are buyers choosing the Gold Coast?
Lifestyle, year-round warm weather, and economic growth mean that the Gold Coast is becoming an increasingly attractive proposition for those looking for a sea change, as well as those looking to diversify their real estate investment portfolio.
Of course, it would be remiss not to address the cost-of-living pressures experienced by those living in Australia’s busiest cities as a catalyst for an increased number of new residents in what is, comparably, an affordable real estate market.
Compared to the median house price of $925,000 in Melbourne (Open Agent, 2023) and $1.46 million in Sydney (SMH, 2023), the Gold Coast property market remains an attractive value proposition.
In spite of lower upfront purchase costs than other cities, the Gold Coast property market has seen a 38% increase in the average rental yield (Open Agent, 2023) over the past three years.
So then, If you are looking at the Gold Coast for your next investment, there’s no better time to start doing your research and find out why it’s garnering the attention of so many buyers.
Gold Coast Market Critical Statistics
Before delving into an overview of the highest-growth suburbs on the Gold Coast, let’s take care of some housekeeping with an overview of the Gold Coast’s population, demographics, and property data.
Population: 644,883 (Australian Bureau of Statistics, 2023)
Population Density: 552 people per square km (ABS, 2023)
Population Growth Rate: 1.5% per annum (Queensland Treasury, 2022-2023)
Median Age: 37.6 years (ABS, 2023)
Number of private dwellings: 307,100 (ABS, 2023)
Median household size: 2.4 people (ABS, 2023)
Median weekly household income: $1,627 (ABS, 2023)
Median monthly mortgage repayments: $2,200 (Reserve Bank of Australia, 2023)
Prominent areas/suburbs:
- Surfers Paradise
- Broadbeach
- Burleigh Heads
- Palm Beach
- Coolangatta
- Southport
Gold Coast House Market Snapshot 2023
Average house purchase price: $1,020,183
Average house rental price: $650 per week
Average house rental yield: 3.2%
Gold Coast Unit Market Snapshot 2023
Average unit purchase price: $580,000
Average unit rental price: $520 per week
Average unit rental yield: 4.2%
Gold Coast Highest Growth Suburbs 2023
Biggera Waters, QLD 4216
Median House Price: $1,120,000 (up 7.7%, October 2022 – September 2023)
Median Unit Price: $595,000 (up 15.1%, October 2022 – September 2023)
Median Rental House Price: $850 per week (up 10.0%, October 2022 – September 2023)
Median Rental Unit Price: $620 per week (up 12.5%, October 2022 – September 2023)
Median House Rental Yield: 3.8%
Median Unit Rental Yield: 5.4%
Suburb Population: 9,973 (ABS,2021)
Number of Dwellings: 5,058 (ABS,2021)
Hope Island, QLD 4212
Median House Price: $1,580,000 (up 5.3%, October 2022 – September 2023)
Median Unit Price: $760,000 (up 8.0%, October 2022 – September 2023)
Median Rental House Price: $1,000 per week (up 10.0%, October 2022 – September 2023)
Median Rental Unit Price: $725 per week (up 12.5%, October 2022 – September 2023)
Median House Rental Yield: 4.1%
Median Unit Rental Yield: 4.9%
Suburb Population: 14,665 (ABS,2021)
Number of Dwellings: 6,876 (ABS,2021)
Broadbeach, QLD 4218
Median Unit Price: $770,000 (up 2%, October 2022 – September 2023)
Median Rental Unit Price: $650 per week (up 9.2%, October 2022 – September 2023)
Median Unit Rental Yield: 4.9%
Suburb Population: 6,786 (ABS,2021)
Number of Dwellings: 5,877 (ABS,2021)
Worongary, QLD 4213
Median House Price: $1,180,000 (up 8.8%, October 2022 – September 2023)
Median Rental House Price: $805 per week (down 2.1%, October 2022 – September 2023)
Median House Rental Yield: 4.4%
Suburb Population: 6,021 (ABS,2021)
Number of Dwellings: 1,977 (ABS,2021)
Hollywell, QLD 4216
Median House Price: $1,270,000 (up 15.2%, October 2022 – September 2023)
Median Unit Price: $1,300,000 (up 6.6%, October 2022 – September 2023)
Median Rental House Price: $850 per week (up 6.3%, October 2022 – September 2023)
Median Rental Unit Price: $637 per week (down 11.5%, October 2022 – September 2023)
Median House Rental Yield: 3.9%
Median Unit Rental Yield: 4.4%
Suburb Population: 10,227 (ABS,2021)
Number of Dwellings: 1,326 (ABS,2021)
Burleigh Heads, QLD 4220
Median House Price: $1,500,000 (up 6.7%, October 2022 – September 2023)
Median Unit Price: $900,000 (up 2.0%, October 2022 – September 2023)
Median Rental House Price: $990 per week (up 10.6%, October 2022 – September 2023)
Median Rental Unit Price: $700 per week (up 11.1%, October 2022 – September 2023)
Median House Rental Yield: 3.6%
Median Unit Rental Yield: 4.4%
Suburb Population: 9,284 (ABS,2021)
Number of Dwellings: 5,308 (ABS,2021)
Maudsland, QLD 4210
Median House Price: $900,000 (down 0.6%, October 2022 – September 2023)
Median Rental House Price: $795 per week (up 13.6%, October 2022 – September 2023)
Median House Rental Yield: 4.8%
Suburb Population: 8,073 (ABS,2021)
Number of Dwellings: 2,443 (ABS,2021)
Pimpama, QLD 4209
Median House Price: $700,000 (up 6.9%, October 2022 – September 2023)
Median Unit Price: $556,500 (up 10.2%, October 2022 – September 2023)
Median Rental House Price: $640 per week (up 11.3%, October 2022 – September 2023)
Median Rental Unit Price: $550 per week (up 17.0%, October 2022 – September 2023)
Median House Rental Yield: 4.9%
Median Unit Rental Yield: 5.3%
Suburb Population: 24,601 (ABS,2021)
Number of Dwellings: 8,499 (ABS,2021)
What Next for Gold Coast’s Property Market in 2023?
With connections across the breadth of Australia, the Aus Property Professionals team has witnessed the increased demand on the Gold Coast Property market over the last three years. Lower upfront purchase costs, impressive rental yields, and increased economic opportunities mean that demand is unlikely to slow down.
Whether you’re looking for a sea change or simply looking for a way to diversify your investment property, get in touch with our team to find out how you can stake your claim on the Gold Coast property market in 2023.
