Corelogic releases the quarterly Regional Market Update once every quarter, providing critical insights on the Gold Coast & other regional markets.

The latest market update, released last week, has provided some important insights on the state of the Gold Coast market.

The Median sale price on the Gold Coast has tipped over $1,000,000

For the first time in Gold Coast history, the median value of a home here on the Gold Coast has tipped over $1,000,000, sitting at $1,007,029, increasing by 3.1% over the last quarter from $964,234 previously.

This is also an annual increase of 12.7% and a 5 year increase of a whopping 81.5%.

Rental price growth is slowing

On the renting side of things, we’re seeing that the growth of rental prices on the Gold Coast is slowing.

The current median rental price on the Gold Coast sits at $832 p/w, an increase of only 0.4% in the last quarter, compared to an increase of 2.9% in the previous quarter.

It’s currently unknown whether this slowing in rental prices will continue or whether this is a short term trend.

Rental prics have still increased by 7.1% in the last year and 53.1% in the last 5 years.

Dwelling sales are slightly higher compared to one year ago

In the last year, a total of 17,964 properties have transacted across the Gold Coast. This sits 1.3% higher compared to 1 year ago.

This figure still sits -8.3% lower then the 5 year average.

Time on market has remained the same and Vendor Discounting has slightly decreased

Compared to last quarter, the average time on market on the Gold Coast has remained the same at 25 days.

Vendor discounting on a 12 month average though has slightly decreased, with the average sale now sitting at -3.3% compared to -3.4% last quarter.

Credit: Corelogic