Why the Gold Coast luxury market continues to surge

The luxury Gold Coast property market continues to hit the headlines with three of the city’s suburbs surging in value in recent years.

Luxury house prices in Main Beach, Surfers Paradise North and Mermaid Beach- Broadbeach are included in a list of the top 10 suburbs across the country with the strongest increase in prices.

Main Beach came in third nationally, while Surfers Paradise North was fourth and Mermaid Beach- Broadbeach took out sixth place.

“Rather than looking at just the median, we have concentrated on prices and growth of the top 10 per cent of the market in each suburb to get a better read on the luxury part of the market,” Ray White Group chief economist Nerida Conisbee said.

Luxury homes in Main Beach have nearly doubled since 2019, jumping from $3.8m to $6.6m, according to Ray White data.

Surfers Paradise North experienced a similar jump with house prices hitting $6.7m, up from $4m in 2019.

Despite huge growth from Gold Coast suburbs, as well as Perth, Canberra and Melbourne, Australia’s most expensive location hasn’t changed with Bellevue Hill taking top spot with a luxury median price of $12.2m.

“While the top end of the market remains relatively stable, albeit slowing, the path to luxury status is becoming more diverse,” Ms Conisbee said.

“While it continues to be dominated by Sydney suburbs and Melbourne’s Toorak, Gold Coast, Perth and even Canberra luxury is now seeing some of the growth in the country.

“Bellevue Hill and Point Piper aren’t likely to lose their crown anytime soon, but the competition for top spots is becoming increasingly interesting.”

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Real estate agent Robbie Graham, of Ray White Prestige Gold Coast said it was no surprise the luxury property market in Main Beach had experienced such rapid growth.

“Main Beach in the coming years, with all the new development, will rival any suburb across Australia,” Mr Graham said.

“With a long list of sales from $5m, $10m and $20m plus, it’s now a national marketplace here on the Gold Coast.

Mr Graham said more than 90 per cent of the top tier market in Main Beach was made up of Gold Coast downsizers.

“They’re people who have realised through Covid that they don’t need a six-bedroom riverfront home for two people.

“They don’t want the maintenance and upkeep of houses but still want the size and luxury of an apartment which is found in Main Beach”

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