Market Insights
Does Your House Earn More Than You?
April 18 2024
House price growth is outstripping the average national wage in many Queensland suburbs with Gold Coast locations leading the way.
Homes in key Gold Coast suburbs are returning multiple times the average wage in annual price growth, outpacing all other locations across the state.
Data analyst PropTrack looked at suburbs where median property prices have gained by more than the national annual average wage, which it calculates as $98,218.
According to the data, in the 12 months to February homes in Surfers Paradise, Mermaid Beach, Palm Beach and Coolangatta earned far above the average wage, generating gains of between $260,040 and $321,410 for homeowners.
Gold Coast suburbs dominated the Queensland-wide list of 10 locations, with Broadbeach Waters, Currumbin and Paradise Point joining their beachfront counterparts to take up positions six, eight and nine in the rankings.
Queensland’s Top 10 Suburb Earners
| Suburb | Region | AVM
12 months ago |
AVM
Current |
Change
($) |
| Surfers Paradise | Gold Coast | $2,057,039 | $2,378,449 | $321,410 |
| Mermaid Beach | Gold Coast | $2,464,819 | $2,742,922 | $278,103 |
| Palm Beach | Gold Coast | $1,363,080 | $1,638,895 | $275,816 |
| Coolangatta | Gold Coast | $1,323,049 | $1,583,089 | $260,040 |
| Clayfield | Brisbane Inner City | $1,493,585 | $1,729,710 | $236,126 |
| Broadbeach
Waters |
Gold Coast
|
$1,876,179 | $2,108,972 | $232,793 |
| Hawthorne | Brisbane Inner City | $1,706,439 | $1,938,823 | $232,384 |
| Currumbin | Gold Coast | $1,309,467 | $1,541,369 | $231,902 |
| Paradise Point | Gold Coast | $1,429,435 | $1,657,424 | $227,990 |
| East Brisbane | Brisbane Inner City | $1,180,882 | $1,407,103 | $226,221 |
Source: PropTrack AVM data February 2024 vs 2023. Suburbs require a minimum of 200 homes to be included.
Market confidence has been slowly building since mid-2023 after interest rates stabilised and there was speculation that a fall could be expected as early as mid-2024.
The PropTrack results highlight the continued strength and appeal of the beachfront market, with the top four ranking suburbs for earnings all located on or beside sand and surf.
They are closely followed by waterfront suburbs, where the lifestyle offering remains a major drawcard for buyers.
While housing supply has started to move in a positive direction in the past quarter, stock levels still greatly lag demand, keeping price growth positive.
Quality properties backed by a strategic marketing campaign are drawing the most attention. Open for inspections are still well attended, with the increased competition generating above-market results from buyers keen to secure a home or investment within the burgeoning city.
Data from industry analyst Heron Todd White shows that the Gold Coast market has been sitting comfortably in the recovery phase for several months and is now primed to head full speed into price growth territory, making it an excellent time for those thinking of selling to prepare their properties for market.
Reach out to an experienced Kollosche agent who can help you position your home strategically in the changing market conditions.
- Editor | KMedia
