Gold Coast units now more expensive than Sydney
The median price of Gold Coast apartments have surged past Sydney prices as interstate migrants floods southeast Queensland.
In what is great news for unit owners but terrible news for those hoping to break into the property market, the median price for a Gold Coast apartment has climbed to $956,000 according to Ray White.
While Sydney remains Australia’s most expensive city for houses, the new research shows that Gold Coast unit prices are more expensive than Sydney’s median price of $927,000.
Ray White Chief Economist Nerida Conisbee said Gold Coast house and unit prices were climbing again after briefly slowing mid-year.
She said the price rises were being driven by population growth, easing interest rates, and a persistent shortage of new homes.
Ms Conisbee said migration continued to be a major factor.
“The region is attracting new residents from across Australia and overseas, drawn by lifestyle, climate, and improving infrastructure,’’ she said.
“Population growth in the Gold Coast and broader southeast Queensland remains among the fastest in the country, yet new housing supply is failing to keep pace.
“The last time we saw enough homes built in Australia was in 2007, and the backlog has only grown since.
“Construction timelines have lengthened, costs remain elevated, and the number of completions continues to fall.”
Ms Conisbee said the city’s transformation over the past five years had been remarkable.
She said luxury developments along the coastline was driving much of the price growth, with the strongest results recorded in premium beachfront precincts.
Neoval data shows that Main Beach now leads the city, with a median unit price of $1.73 million following a $880,000 rise over the past decade. Close behind are Burleigh Heads and Palm Beach, where median unit prices have climbed by $760,000 and $740,000 respectively. Currumbin-Tugun has also surged, with prices up 134 per cent over the decade and $740,000 in dollar terms.
These results underline how the Gold Coast’s prestige markets have powered its growth cycle. Suburbs including Miami, Coolangatta, Mermaid Waters, and Paradise Point have all recorded gains of between $670,000 and $700,000 since 2015, confirming the broad strength across the city’s prime coastal corridor.
Demand is being led by downsizers and interstate buyers from Sydney and Melbourne who are willing to pay premium prices for waterfront living. Developers have responded with a wave of high-end apartment projects offering resort-style amenities and large floorplates, a product now synonymous with the modern Gold Coast skyline.
Ms Conisbee said it had become increasingly difficult to build affordably.
“While construction costs are starting to moderate nationally, they remain high in Queensland, limiting the viability of lower-priced developments,’’ she said.
“This means new stock under $750,000 is now almost impossible to deliver without significant incentives or planning flexibility.”
Ms Conisbee said investor lending in Queensland had now reached record levels, with the Gold Coast one of the key beneficiaries.
“Rising rents and tight vacancy rates continue to attract investors seeking both income and capital growth potential.
“First home buyer activity is also increasing, supported by government grants and softer borrowing costs.
“A growing number of these buyers are turning to the city’s apartment market, where smaller holiday units are being converted into permanent homes.
“Many of these properties, once short-term rentals or investor stock, are now occupied by first-time owners taking advantage of relative affordability compared to detached houses.
“This shift has changed the character of parts of the coastline. Areas once dominated by short-stay accommodation now have a more permanent residential feel, adding new depth to the market while tightening the supply of holiday rentals.”
Major city unit prices as of September 2025 vs 2015
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