Gold Coast City Council Market Update
2nd Half 2024
Gold Coast City Council
PROPERTY MARKET SNAPSHOT
• In the past5yearsto 2024#,Gold CoastCity Council saw62.8%growthin medianhouseprice, with an averagegrowthof 12.6% perannum.
• Q12024sawthe marketpeak,with a median house price of $1,140,000.The numberof housesaleshas remainedstrong,atover2,000transactionseach quarter,since Q32023onwards.There is a constant undersupplyin the GoldCoasthousemarket,which bolstersprice growth.The slight dip in houseprice in the past3 months(Q1–Q2 2024)is anopportunity for first homebuyersto enterthe market.
• Gold CoastCityCouncilwill see approx.$103.8Mof residential projectsis plannedin the 2nd half of2024, adding5,249units, 186 townhouses,and186 vacant lots.Notably,no stand-alonehousesare planned.
• In Q22024,3-bedroomhousesand1-bedroomunits providedthe highestannualrental growth,of 6.4% and10.0%respectively;ata median rental price of $665and$550per weekrespectively.
Tweed Shire Council Market Update 2nd Half 2024
Tweed Shire Council
MARKET SNAPSHOT
• In the past5yearsto 2024#,TweedShire Council recordeda60.0% growthin median houseprice, or an averageannualgrowthof 12.0%.AlthoughTweed Shire recordeda slightly slowerprice growthrate thanGold CoastCouncil, it continuesto offerstrong growthpotential andamore affordable entryprice.
• Early 2024sawa median houseprice reboundto over$1million, afteraslight decline in late 2023.This presentsan ideal opportunityfor ownersto capitalize on their investments.
• TweedShire Councilwill see approximately$216.5M residential projectsin the 2nd halfof 2024;adding17 units, 6 townhousesand4,500dwellings(completed by mid-2030).The lack of newready-to-sellhouses in the shorttermsuggestmore price growth.
• 3-bedroomhousesand2-bedroomunitsrecorded the highestannualrentalprice growth,of 7.1%and 12.1%respectively;at$750and$650perweek.