December 20, 2023

Gold Coast's Top-Performing Suburbs: A Look at 2023's Price Growth

The vibrant suburb of Broadbeach has taken centre stage as the Gold Coast's shining star of 2023 for homeowners, witnessing an astonishing surge in house prices.

Gold Coast Suburbs

The vibrant suburb of Broadbeach has taken centre stage as the Gold Coast's shining star of 2023 for homeowners, witnessing an astonishing surge in house prices.

According to CoreLogic data for the 12 months ending in December, house prices in Broadbeach skyrocketed by an impressive 47 percent. This remarkable growth, spanning a total of 12 sales, propelled the median house price to a remarkable $1,025,000.

Broadbeach, known for its mix of new developments and older walk-up blocks, isn't exactly a haven for detached homes. As such, the ones that do exist command a premium from buyers who desire a beachside lifestyle within walking distance of the surf. Savvy investors are also drawn to the area, seeking limited development opportunities in this popular beachside suburb.

Broadbeach has undoubtedly claimed its spot as the Gold Coast's top-performing suburb.

Another suburb that made significant strides over the past 12 months is the tranquil northern enclave of Hollywell. With several sales surpassing the $2,500,000 mark, Hollywell saw a notable 17 percent increase in prices, now resting at a median of $1,287,500. Rounding out the top three is the picturesque hinterland suburb of Springbrook. Here, prices rose by 14.2 percent across 17 sales, reaching a median of $755,000.

Noteworthy mentions go to Stapylton, Mount Nathan, and Worongary, all exceeding double-digit growth figures in 2023.

When Apartment Living Shines

Shifting the spotlight to apartment stock, the inner suburb of Ashmore managed to outshine all others in terms of price growth in 2023. Investors are drawn to Ashmore for its central location, offering easy access to the coast and major amenities within a 10-minute drive. Apartment prices in Ashmore surged by 21.3 percent, resulting in a median price of $552,000. It narrowly outpaced the northern suburb of Ormeau, which experienced 20 percent growth, as well as Bundall, with an impressive 16.9 percent increase. Overall, property prices throughout the Gold Coast have been on an upward trajectory since January, achieving an annual growth rate of 7.3 percent and elevating the median price to $907,076.

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With a growing population and increasing demand for housing, coupled with limited supply, the <A href="https://www.makeanoffer.au/">Gold Coast property market</a> is poised to remain robust well into 2024, defying potential interest rate increases. If you're interested in capitalising on the local market's growth, don't hesitate to reach out to a Make an Offer’s strategic advisor who can provide expert guidance on your property investment journey.

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