Gold Coast Property Market Update: The Numbers Shaping This Week’s Conversation

The property market continues to give buyers, sellers and investors plenty to talk about, with this week’s national market figures highlighting changes across residential, commercial and development sectors.

Here is a snapshot of the key numbers and what they could mean for property conversations on the Gold Coast.

House prices continue to soften

The national median house price is currently sitting at $1,010,000, representing a 5.7% increase compared with this time last year.

While prices have eased recently, the broader market remains influenced by interest rates, investor activity and the rising cost of construction.

The current pace of decline is relatively measured, with several factors helping to provide support to established property values. Greater certainty around interest rates, improving returns for investors and ongoing construction cost pressures are all contributing to the resilience of the market.

For homeowners, this highlights the importance of looking beyond short term price movements and considering the broader market conditions affecting their local area.

Unit prices are showing continued growth

The national median unit price is currently $750,000, up 7.3% compared with this time last year.

Units continue to attract attention from buyers looking for a more accessible entry point into the property market, particularly in areas where house prices have moved significantly higher.

On the Gold Coast, lifestyle, employment opportunities, infrastructure and limited land availability continue to support demand for well located apartments and townhouses.

Open home attendance remains an important indicator

Open home attendance is currently averaging 2.2 people per open home, compared with 4.1 people per open home this time last year.

While buyer numbers are an important measure, attendance alone does not tell the full story.

The quality of enquiry, buyer motivation and the number of serious buyers progressing through to offers are equally important when assessing the strength of a campaign.

For sellers, this is why having a clear pricing strategy and understanding the current competition is more important than simply counting the number of people through the door.

Auction clearance rates have softened

The auction clearance rate for the week ending 22 August was 45%, compared with 52% for the week ending 15 August.

A changing clearance rate can provide an indication of buyer confidence and market conditions, although auction results can vary significantly from week to week depending on the properties being offered.

For sellers considering an auction campaign, understanding the local buyer pool and positioning the property correctly remains critical.

Building costs continue to influence the market

Another factor worth watching is the cost of building a new home.

The cost of building a new house is now approximately 51% higher than at the end of 2019, while the Government's housing target is currently tracking around 220,000 homes short.

Higher construction costs can place a floor under established property prices because replacing an existing home with a new build has become considerably more expensive.

This is particularly relevant when comparing established homes with new construction, as the replacement cost of a property can be significantly higher than it was several years ago.

Commercial property continues to deliver strong returns

Commercial property is also producing some encouraging results, with returns being driven by genuine value growth rather than rental income alone.

Retail property returned approximately 9.8%, while industrial property returned around 10.5% over the year.

Supply constraints across both sectors are helping to support these results, with limited availability contributing to competition for quality commercial assets.

For investors, this highlights the importance of considering both rental income and potential capital growth when assessing commercial property opportunities.

Gold Coast office vacancy remains low

Closer to home, the Gold Coast continues to record one of the lowest office vacancy rates in the country.

The vacancy rate is currently sitting at approximately 7.3%, with almost no new supply added over the past year.

At the same time, population growth and the creation of more than 870 new businesses during the March quarter are continuing to support demand for commercial space.

With limited new office supply available, the relationship between business growth and available commercial space will be an interesting trend to watch.

What does this mean for the Gold Coast property market?

The latest figures reinforce an important point.

The property market is not one single market.

Different property types, locations and price brackets can perform very differently at the same time.

While national house prices have softened, annual growth remains positive. Unit prices continue to record solid annual growth, commercial property is producing strong returns and the Gold Coast continues to benefit from population growth and business activity.

For local homeowners and buyers, the most useful question is not simply “What is the market doing?”

It is:

“What is happening in my suburb, my property type and my price range?”

That is where local market knowledge becomes particularly valuable.

If you are thinking about selling, buying or simply want to understand what your property could be worth in the current market, having an up to date conversation about your local area can help you make a more informed decision.

Market Metrics at a Glance

National median house price: $1,010,000
Annual house price change: +5.7%
National median unit price: $750,000
Annual unit price change: +7.3%
Average open home attendance: 2.2 people
Auction clearance rate: 45%
Gold Coast office vacancy: 7.3%
Commercial retail return: 9.8%
Commercial industrial return: 10.5%

Source: Neoval. Open home attendance and auction clearance rates reflect Ray White data only and not the broader market.