GC sales defying trends

Discerning buyers still seek quality properties

THE Gold Coast property market has defied the national downturn, with house prices up in three quarters of the city’s suburbs over the September quarter.

Proptrack’s Quarterly Home Price Index shows 49 suburbs recorded growth in the past three months, with house prices jumping 5 per cent or more in eight suburbs.

But the Coast lost its title as a top growth star to some of Queensland’s more affordable regions, with house prices falling in the city’s remaining 15 suburbs.

Overall, Glitter Strip home values fell 1.25 per cent, now sitting 11.69 per cent higher than 12 months ago, and a whopping 52 per cent up from before the pandemic.

Acreage locations led the gains, with Bonogin in the Hinterland up 9.47 per cent to a median $1.64m – 33 per cent higher than a year ago.

Tallebudgera Valley was next with a rise of 7.79 per cent to a median $2.16m, and huge annual growth of 35 per cent.

Median prices hit $1m-plus in 70 per cent of Gold Coast suburbs, and more than $2m in six postcodes – with Bundall a newcomer to the top price bracket.

Mermaid Beach remains the city’s most expensive place to live, despite house prices sliding 2.75 per cent over the quarter to $2.65m.

Proptrack economist Eleanor Creagh said Queensland’s affordability, population growth and tight rental market

were propping up prices.

Listings had picked up heading into spring, but were well below pre-pandemic levels, underpinning demand.

“Prices have largely held up better even though buyers’ borrowing capacity has been constrained as interest rates are rising,” Ms Creagh said.

“These regions have benefited from strong population growth, and the preference

shifts that have continued since the pandemic with demand for larger homes and bigger block sizes, but also the relative affordability advantage when compared to the east coast capitals of Sydney and Melbourne.”

LJ Hooker Property Hub’s Robert Scartozzi said interstate buyers were still active in Bon

ogin, although more properties had sold to Qld and northern NSW buyers recently.

“There’s still a push from southern state buyers to enjoy the lifestyle up here and even with the growth here in median house prices, those buyers are seeing good value compared to prices in their home state,” Mr Scartozzi said.

Kollosche managing director Michael Kollosche said prestige buyers were placing a premium on established homes as construction costs soared.

“Many homeowners are sitting tight because the cost of replacing an established home is still a deterrent to sell,” he said.