Gold Coast house hunters holding out for a price reprieve could end up paying more, with housing prices tipped to continue rising over the next two years.  

The latest K Property Insights: Gold Coast Quarterly Market Outlook, released by leading Queensland agency Kollosche, reveals how a combination of population growth, low housing supply, and a thriving economy will bolster property prices for another 12-24 months.  

Kollosche Managing Director Michael Kollosche, who collaborated with housing analyst Michael Matusik to compile the report, said Gold Coast real estate was going from strength-to-strength, with a range of factors driving the upswing. 

“Covid sent the Gold Coast on a growth trajectory that has shown no signs of reversing,” says Michael. “We’ve had more and more people moving to our city and, at the same time, construction and building approvals have stalled, meaning we’ve never come close to meeting that demand. Property prices, rents and land values can only go one way in those circumstances.”

As of May 2024, the median house price across the Gold Coast was $1 million and around 60% of house sales are now priced at over $1 million. There are currently less than 845 homes to lease across the region, equating to a 1.2% vacancy rate.     

The report also provides insight into factors fuelling the city’s housing crisis, including active building approvals that haven’t progressed and a lack of smaller allotment approvals. 

“There is a strong case – based on housing affordability, forecast demographics and buyer wants – to allow more smaller sub-350m² allotments,” says Michael. “This must be accompanied with sensible infrastructure charges to be successful.” 

Much of the new supply approved last year on the Gold Coast was for smaller projects, with only two approved projects on the Gold Coast over the past 12 months holding over 50 dwellings.  

“Developers have pivoted towards smaller boutique projects in premium locations,” says Michael. “This style of housing appeals to the upper end of the market, but does little to alleviate the need for higher density housing.”  

Covid could also be lingering behind the greater need for personal space and secondary homes, with data showing that a quarter of Gold Coast dwellings are home to a single resident while no one is turning on the lights at 15% of existing properties.  

“The report sheds light on a lot of the challenges we’re facing here on the Gold Coast and points to some of the solutions,” says Michael.   

“Moving forward, population demographics suggest our housing mix needs to cater to mature families looking to upgrade their housing, young adults who will mostly rent, and empty nesters looking to downsize.” 

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