Surfers Paradise 
The greater Brisbane and the Gold Coast property markets have shown remarkable resilience despite the challenges posed by Australia’s historic two-year rate hike cycle. According to a recent CoreLogic analysis, this period has seen a mixed impact on housing markets across the country, with some regions experiencing significant growth while others have faced declines.
National Overview:
From April 2022 to April 2024, national home values have only risen by 2.8%, a stark contrast to the 31.7% increase in the two years prior. Early in the rate hike cycle, there was a 7.5% drop in national values, with a consistent decline from May 2022 to January 2023. However, since bottoming out in January 2023, values have increased every month, accumulating an 11.1% rise.
City Comparisons:
There is considerable diversity in market performance across Australia. For example:
- Perth saw a 25.7% surge in house values.
- Hobart experienced an 11.2% decline.
- Sydney’s house values increased by 0.4%.
- Melbourne’s house values decreased by 4.2%.
Record High Suburbs:
Despite rate hikes, 43.6% of Australian suburbs reached record high values by April 2024. Capital cities outperformed regional areas, with 49.1% of suburbs hitting a peak compared to 35.0% in regional areas.
Greater Brisbane and the Gold Coast Highlights:
- Strong Performance: Greater Brisbane and the Gold Coast have been standout markets, with 85.1% of Brisbane suburbs reaching record high values.
- Top Contenders: Perth leads with 97.3% of suburbs at record highs, followed by Adelaide at 90.0%.
Key Factors:
High demand, driven by record migration levels, tight rental conditions, and an undersupply of dwellings, has kept the housing market robust in many areas. This demand has persisted despite rate hikes and rising living costs.
Looking Ahead:
While some markets like Melbourne and Hobart have struggled due to higher supply and affordability constraints, Brisbane and the Gold Coast markets remain buoyant. For prospective vendors in the Gold Coast and surrounding areas, this highlights the ongoing opportunities within these vibrant markets.
The diverse performance across regions underscores the importance of understanding local market dynamics when considering property investments or sales. For those looking to capitalise on current trends, now is an opportune time to engage with seasoned real estate professionals who can provide expert guidance tailored to specific market conditions.
