House prices in Sunshine Coast, Gold Coast reach record heights: Domain House Price Report

An explosive year of growth has spurred property prices on the Sunshine Coast and Gold Coast to new record heights, with a wafer-thin slice of beachfront paradise now fetching millions.

House prices surged in both cities in the December quarter, up 5.1 per cent on the Sunshine Coast and 4.4 per cent on the Gold Coast, the latest Domain House Price Report has revealed. Units rose 2.3 per cent in each city over the past three months.

Prices also rose over the past 12 months, with Gold Coast house prices clocking a 7.6 per cent annual rise to $705,000, and Sunshine Coast house prices soaring by 10.2 per cent to $690,000 late last year.

Unit prices in both coastal hubs also climbed to new heights, with the Gold Coast witnessing a 7.1 per cent hike to $450,000 and the Sunshine Coast enjoying a 7 per cent rise to $449,500.

Domain senior research analyst Nicola Powell said the sheer pace of property price growth had not only led both cities to far outperform Brisbane, but revealed the sheer strength of the state’s lifestyle hubs amid a soaring sea-change trend that had more Aussies than ever ditching the ‘burbs for the beach.

“This is the strongest rate of annual growth recorded on the Gold Coast since 2017 … and on the Sunshine Coast this is the steepest annual jump since 2008,” Dr Powell said.

“This growth really highlights the draw to lifestyle locations … and while this was there before the pandemic, COVID-19 has really accelerated it.