The Best Suburbs to Invest on the Gold Coast - 2024

With the Gold Coast reaching record median property prices this month and continued upward pressure being placed on the market by slowing construction and interstate investment, suburbs all across the coast continue to perform strongly, led by the luxury market and apartment investment.

According to August's Ray White property report, the median price on the coast is now $1.17m, second only to Sydney across the country. House prices rose by 9 percent over the 12-month reporting period, slightly better than the national average of 8.5 percent.

Which Gold Coast suburbs are best to invest in? 

The Ray White report highlights areas such as Surfers Paradise, Palm Beach, Broadbeach Waters, and Paradise Point as Gold Coast luxury property 'hotspots,' with a number of sales in these suburbs exceeding $5m throughout 2024. At the start of this year, data from realestate.com.au identified Surfers Paradise, Nerang, and Southport as top Queensland performers - achieving growth above 10 percent heading into 2024, with no factors to suggest this won't continue.

National property giants PRD published a report a couple of years ago forecasting nation-leading prices of $2.7m on the Gold Coast by 2030. Based on these 9-12 percent growth rates, that figure looks achievable and beatable (!), suggesting the Gold Coast is an exceptional market in which to buy property and invest.

Gold Coast Lifestyle & Migration

Catalysed by Covid, Gold Coast suburbs remain a keen target for investment and migration from interstate, particularly (as in 2020) from Melbourne and Sydney. Factors driving the market include:

●     Strong migration from interstate, welcoming > 42,000 new residents from 2021-22

●     Downsizing couples seeking apartment living and a more relaxed lifestyle

●     Downsizing investors with apartments both on the coast and in the cities, replacing larger family homes

●     General supply issues and strong housing demand

A few of the nation's highest density numbers drive demand in areas such as Surfers Paradise, Mermaid Beach, Labrador, and Coolangatta, making these strong examples of the best Gold Coast suburbs to invest in for apartments.

As far as owner-occupiers go, the best suburbs on the Gold Coast to buy include Broadbeach, Burleigh Heads, Robina, and Mermaid Beach, thanks mostly to their proximity to the stunning sandy beaches and convenience/variety of shopping, dining, and infrastructure. Buyers seeking more space or lower density may prefer the northern hinterland or Southport surrounds.

As demonstrated across the nation, apartment and housing supply are affected by slowing construction due to soaring material prices, severe labour/trade shortages, and general apprehension around the building industry. As long as these factors keep supply pressure, prices will likely continue to rise thanks to strong demand and chronic undersupply in the GC market.

A Little Luxury

The Gold Coast is unique within the Australian property market with its unrivalled appeal for luxury coastal living. One of Queensland’s best investment suburbs is the iconic Mermaid Beach, home to Hedges Avenue and some of the country's most luxurious real estate, with an eye-watering $12 million median price!

As the coast embraces its tag of Australia's 'Miami Beach,' lucrative pockets and suburbs will continue to grow and retain high long-term investment value. This luxury element to the market adds a dynamic component, keeping investors and owner-occupiers interested. Few Australian markets, except for Sydney's eastern harbourside pockets, can claim such recognisable and attractive luxury living.

As long as these properties keep selling, the luxury Gold Coast market will show no sign of slowing down. We predict price records will continue to break yearly as the coast establishes itself as Australia's number one property market over the next decade.  

Median Apartment Prices & Trends

We've touched on the Gold Coast apartment market as a highlight for investment and migration from downsizing couples, but if we look more closely, we see that the median price is also one of the most expensive in the country.

According to Domain, the median apartment price hit $757,000 earlier this year, up an incredible 15 percent on the previous year alone. Prices are well ahead of every Australian city, bar Sydney, which at the same time was a tick over $800K.

Apartments also have the 'luxury' factor, with beachfront living and sweeping high-rise views unlike any other country. According to the same report,

“Apartments traded at a median price of $421,250 in March 2020. Even though prices have soared hundreds of thousands of dollars, the Gold Coast population – and apartment market – is still booming.” 

Highlighting strong demand, the report noted that in 2017, up to 10,000 apartments were available at any given time, compared to just 4,000 in 2024. Desirable Gold Coast suburbs to invest in apartments include Burleigh Heads, Tugun, and Palm Beach.

We hope you enjoyed reading our market report and the best Gold Coast suburbs to invest in for 2024. Is the Gold Coast a good buy for property at the moment? We say yes based on our information and research, but do you agree?

The market is on a trajectory unlike any other, combining continued price increases with strong migration underpinned by demand, dynamic luxury factors, and solid infrastructure investment at all levels of government. The Gold Coast is already punching above its weight as a critical Australian city - the only question is, when will you get yourself a piece of the market?

Investment Property Services on the Gold Coast

If you're looking to buy a new investment property on the Gold Coast or need help managing one, contact our professional team. We have extensive experience in the Gold Coast real estate market and can provide expert guidance on all aspects of investment property ownership, from purchasing to property management. Just reach out, and we'll be glad to assist.

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