Coast property market outperforms Brisbane

THE Gold Coast has Queensland’s fastest-rising house prices, a new report shows.

The latest Real Estate Institute of Queensland quarterly report reveals the Gold Coast saw a 6.8 per cent jump in its median house price to $595,000 in the 12 months to June. That growth made the Gold Coast the best-performing local government area in the state, ahead of the Sunshine Coast on 6.2 per cent and Brisbane on 3.6 per cent.

REA Group chief economist Nerida Conisbee said it was unusual for a region to outperform a capital city housing market, but that was the case when it came to Brisbane and the Gold Coast.

“The Gold Coast is creating quite a lot of jobs at the moment because of the Commonwealth Games and infrastructure spending,” she said.

“It provides a lifestyle that people – particularly from places like Sydney – find highly desirable.”

Ms Conisbee said nine of top 10 suburbs in Australia for rental demand were on the Gold Coast. “A lot of people rent first before they buy.”

Kollosche Prestige Agents managing director Jordan Williams said his agency had completed $40 million worth of sales in the past four weeks, and the majority of buyers were local.