House prices in the sun-drenched city rose a staggering 19.4 per cent – or $125,000 – over the past 12 months and an incredible 6.9 per cent in the March quarter alone, the Domain House Price Report for the March quarter revealed, with a near once-in-20-year boom ignited by roaring rates of interstate migration.
While the Sunshine Coast has continued to outperform the rest of the state for a few consecutive quarters, the report revealed South-east Queensland’s coastal hotspots continued to reap the benefits of an exodus from major Australian hubs, with the Gold Coast also clocking a record high median house price of $749,950, following a 4.2 per cent quarterly rise and 15.4 per cent annual jump.
Domain senior research analyst Nicola Powell said the figures demonstrated the compelling pull of lifestyle precincts within a new world where more and more Aussies worked remotely and could swap the concrete jungle for less traffic and more sand.
“The Gold and Sunshine coasts continue to be standout performers, although the pace of price acceleration appears to be easing on the Gold Coast,” Dr Powell said.
“South-east Queensland’s housing market has become increasingly popular with interstate buyers [and] the number of Australians relocating to Queensland from other states is at its highest level since 2006.
“Changed lifestyle preferences post-lockdown and the option of remote working has driven demand to south-east Queensland as buyers are drawn by affordability, liveability, climate and greater value for money.”