Corelogic releases their Regional Market Update report every quarter, providing important market insights on a range of regional centres across the country, including the Gold Coast. With the latest report released this month, what does it’s latest edition tell us about the Gold Coast property market?

 

Median Property Prices continue to grow

 

The Gold Coast has recorded a new high in it’s Median Property Price, sitting at $1,065,113, an increase of 1.8% in the last quarter, with the annual increase now sitting at 5.9%. The 1.8% has shown quicker quarterly price growth compared to the last quarter, with house prices only climbing 0.8% in the previous quarter.

 

Rental Prices increase again after a decline last quarter

On the side of rental prices, the Gold Coast continues to show rental price growth, with the median rental price now sitting at $872 p/w, an increase of 2.9% in the last quarter and 4.3% in the last year.

 

This shows a turnaround from the previous quarter, where last quarters report showed a decrease 0f -0.6% in the previous quarter.

 

Rental Conditions showing no change from a year ago

 

The Rental Vacancy rate has shown no change in the last 12 months. A year ago the rental vacancy rate sat at 2.2%, only a -0.1% difference to the current rental vacancy rate sits at 2.1%. The Gross Rental Yield has also remained unchanged, sitting at 4.3%.

 

Little to no change in the median days and total for sale listings on market

 

The Median Days on Market has also shown no change in the last 12 months, with average days on market only growing by 2 days from 24 days a year ago to 26 days in the current report. At the time of the publishing of the report, total for sale listings sat at 4,305 listings, 1.2% higher compared to a year ago.