New apartments on the Gold Coast are now averaging a record $2.03 million, driven by rising demand for premium, lifestyle-focused properties and a tightening supply pipeline, according to Colliers’ latest Gold Coast Market Overview.
The spike in pricing reflects the growing appetite for full-floor and oversized residences in coastal locations, with buyers paying a premium for design, amenity, and proximity to lifestyle precincts.
However, this pricing surge is underpinned by a deepening supply shortfall. Only 2,464 dwellings have been approved across the city so far this financial year—less than half the 6,500 homes required annually to keep pace with population growth.
The final quarter of 2024 saw 290 new apartment sales, marking the strongest quarterly result of the year. Most activity was concentrated in the Central Precinct, which accounted for over 80 per cent of all transactions.
David Higgins, Residential Director at Colliers, said the market can’t keep up.
“We’re in a classic undersupply cycle – demand is there, but the projects aren’t being approved or delivered fast enough,” Mr Higgins said.
“This is placing upward pressure on prices and compressing choice for downsizers, local owner-occupiers, and interstate lifestyle buyers looking to secure a foothold in well-located parts of the city.”
The market is increasingly dominated by owner-occupiers, particularly downsizers seeking premium properties with quality design and strong amenities.
Buyers are gravitating toward full-floor layouts, coastal positioning, and walkable lifestyle precincts.
Rental conditions remain tight across the Gold Coast, with vacancy rates at just 1.3 per cent citywide and as low as 0.7 per cent in some coastal suburbs.
Weekly rents have increased across all housing types, strengthening the investment case for well-located developments.
The upcoming Brisbane 2032 Olympic and Paralympic Games are providing a significant confidence boost to the market.
With 16 Olympic events confirmed for the Gold Coast, developers are focusing on transit-connected precincts along the light rail corridor.
“The Olympics have brought long-term infrastructure certainty to the Gold Coast, and that’s translating into real confidence among developers and buyers,” Mr Higgins said.
Despite dwelling approvals remaining 70 per cent below the city’s previous peak in 2015-16, appetite for high-quality development sites remains strong, particularly those with preserved view corridors and proximity to infrastructure.
The Gold Coast is projected to welcome nearly 400,000 new residents by 2046, with limited land available for traditional housing.
This demographic shift is expected to further increase the importance of apartment living in addressing the city’s housing needs.
Steven King, Director in Charge at Colliers Gold Coast, said the region’s becoming a sophisticated investment destination.
“The Gold Coast’s ‘golden era’ is well and truly underway as the region becomes a focal point for population and infrastructure growth leading into the 2032 Olympic Games,” Mr King said.
“We’re seeing sustained momentum across all major asset classes, with strong demand fuelled by infrastructure certainty, lifestyle appeal, and a maturing local economy.
“The Gold Coast has evolved from a tourist-led market into one of Australia’s most sophisticated investment destinations.”
