Gold Coast Property Manager Christina Longstaff, the director and licensee of Locate Property Gold Coast, shares her extensive knowledge of what current and prospective Gold Coast real estate investors should expect in terms of property pricing and the rental market in 2024. 

The Gold Coast, a national landmark with near-endless, sunny beaches and an appealing quality of life, is a popular real estate investment and migration destination.

Despite this demand, there has been a continuous lack of new real estate supply in the Gold Coast housing market, as in the rest of the country, propelling expansion in the region. According to SQM Research, Gold Coast real estate prices are up 6.5% year on year.

According to the most recent CoreLogic statistics, the median house value on the Gold Coast is $1,100,288—just over a million dollars—while the median unit value is $721,417. “Both are at record highs.” – Tim Lawless, CoreLogic’s Research Director

Because of the record low supply of new stock, the sub-one million dollar market will most certainly remain in high demand in 2024, with freestanding home prices projected to rise by 4-8% from 2023.

According to reports from Andrew Henderson, the new zone chair for REIQ on the Gold Coast, the Gold Coast real estate market is expected to benefit from a large number of migrants from southern capital cities, which will drive the development of mid and high-rise buildings along the entire coastline.

“What the increased demand will mean for renters is that weekly rents will continue to rise as we move through 2024, vacancy rates will remain low, and established residential values will rise as more people choose to live on the Gold Coast,” says Christina Longstaff, Principal of Locate Gold Coast.

Issues with builder scarcity and long build periods aggravated new residential buildings in 2023, but that increased pressure on the market is projected to ease in 2024. Christina added that it was usual to see twenty to thirty people come up for weekly rentals costing more than $900.

Tim Lawless anticipates that changes in interest rates, which are currently at 4.35%, will have a significant impact on the Gold Coast’s market performance in 2024.

“Any move towards reduced lending rates will have a beneficial influence on housing demand,” he remarked.

However, we cannot rule out the likelihood of further rate increases. Another hike in the cash rate would obviously have a detrimental impact on housing demand and market conditions.

Overall, the Gold Coast Real Estate market again seems favourable for 2024.

Christina Longstaff is a well-known expert in real estate and property management, having recently been named one of the Gold Coast’s finest property managers. To learn more about Gold Coast property management, contact Christina Longstaff HERE.