Property prices soar into 2024

By Marshall Hall

Gold Coast property prices will continue to rise in 2024, according to valuer Herron Todd White.

In its latest research report, the company says the Gold Coast property market performed more strongly than predicted in 2023, and it appears the trend will continue this year.

The price rises are being driven predominantly by owner-occupiers and a lack of supply across the market. Demand is still outweighing supply in most of the city’s market, and developers are reporting that most apartment buildings now being built are already sold out.

While the coastal areas remain the most sought-after, the non-coastal areas are not far behind in terms of demand and price growth.

The southern end of the Gold Coast is becoming increasingly unaffordable to many buyers and has forced them to search for property in the northern suburbs.

In the commercial real estate market, Herron Todd White is expecting the office market to be similar to those witnessed in 2023.

Vacancy rates will remain tight off the back of continuing population growth and a limited new supply of office space coming to the market.