Since the pandemic, Aussies have shifted their preferences towards increased space and more lifestyle-focused locations, as city-dwellers look to make a change and work-from-home becomes more of a norm.
Enter the Gold Coast, or more affectionately known as the Goldie. A city that has the hustle and bustle, high rises, and theme parks, but also a more cruisier relaxed side with pristine beaches, scenic hinterland, bush walking tracks, and Mount Tamborine.
As of October 2022, CoreLogic’s Home Value Index indicates the Gold Coast’s median house price sits at just over $1 million, while units have a median value of just under $655,000.
So, as we say goodbye to the year that was, we turn our attention to 2023 and what the Gold Coast property market holds. Here are the top picks for suburbs to look out for in the coming year from industry experts.
Median price data sourced via Realestate.com.au and is accurate as at November 2022.
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Worongary
Matt Micallef, Licensed Real Estate Agent at Ray White Robina, said Worongary is the suburb to watch next year on the Gold Coast due to a new housing development called ‘Skyridge.’
“Worongary is dubbed to be the biggest hotspot on the Gold Coast next year due to a big subdivision called Skyridge and the land release that will subsequently be available,” Mr Micallef told Savings.com.au.
“Naturally with a big development like that, house prices and popularity should skyrocket, benefiting that particular suburb and surrounding suburbs greatly.”
The Skyridge community will deliver up to 3,500 dwellings, a proposed education precinct, childcare centre, 75 hectares of major parklands, and a future retail village centre.
Location wise, the community is only a mere 10 minutes drive from Robina, and 15-20 minutes away from the pristine beach suburbs of Broadbeach and Burleigh Heads.
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Median price: $1.19 million for houses.
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Median rent: $770 p/w for houses.
Tallai
Mr Micallef also says Tallai, the neighbouring suburb of Worongary, is one to watch in 2023 as it offers the best of both worlds.
“The Skyridge subdivision blocks are around 400-500sqm which is semi-small whereas Tallai has acreage blocks,” he said.
“People who are wanting bigger blocks and a bit of space, freedom, and privacy will definitely gravitate towards Tallai.
“The big attraction with this suburb is the acreage lifestyle, even though you’re only 15-20 minutes away from the beach.
“The big developments happening on the western side of the highway should provide some strength for properties to grow in capital growth.”
Queensland's finest schools, beaches, shops, transport, and medical facilities are on Tallai’s doorstep with nearby Worongary, Mudgeeraba, and Robina Town Centre providing all the facilities you could possibly require.
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Median price: $1.6 million for houses, $612,000 for units.
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Median rent: $875 p/w for houses.
Helensvale
Mr Micallef believes the northern end of the Gold Coast still has quite a bit of room to grow, in particular the suburb of Helensvale.
“Helensvale will have the big Coomera Connector coming through which will run alongside the railway line, passing Helensvale station and the Westfield shopping centre,” he said.
“The new M2 Coomera Connector will make things much more accessible for locals, particularly those commuting south.”
It is expected the much-needed new highway will relieve congestion and reduce commute times on the Gold Coast Highway and Helensvale Road.
Helensvale is known for its abundance of local amenities and parks including Westfield Shopping Centre, Helensvale Library, and good transport connections.
If you’re looking for fun activities, Helensvale has a skate park, tennis courts, indoor rock climbing, go-karting, and an aquatic centre to keep you and your family entertained.
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Median price: $1.08 million for houses, $494,500 for units.
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Median rent: $850 p/w for houses, $545 p/w for units.
Pimpama, Coomera, and Upper Coomera
PRD Chief Economist Dr Diaswati Mardiasmo said the northern corridor of the Gold Coast seems to be popular among home buyers given its more affordable price point than Brisbane.
“These suburbs sit in the ‘middle’ between Brisbane and Gold Coast which allows flexibility in terms of where to work [one can choose between the two cities], as well as balancing work and leisure,” Dr Mardiasmo told Savings.com.au.
“There are also a high level of projects coming to the area – both from a commercial and infrastructure perspective including a new hospital, new schools, and a McDonald’s. So these suburbs are being serviced better and better, increasing liveability for residents.
“These suburbs are also more ‘family friendly’ as they’re generally more obscured from international buyers and visitors who are more likely to prefer water-views and beach-side properties.”
Dr Mardiasmo also noted these three suburbs have more housing supply compared to the southern end of the coast, ultimately providing more opportunities for first home buyers.
| Pimpama | Coomera | Upper Coomera | |
| Location from Gold Coast CBD | 16.5km | 12.3km | 13.0km |
| Vacancy rate (Sep-22) | 0.6% | 0.6% | 0.6% |
| Rental yield (Sep-22) | 4.5% | 4.5% | 4.5% |
| Key amenities (5km) | Pimpama Shopping Centre | Westfield Coomera | Westfield Coomera |
| Total projects ($) | $314.6M | $859.5M | $55.0M |
| Unemployment rate | 4.3% | 4.4% | 4.4% |
*All the above data is sourced from the PRD Affordable and Liveable Report 2022.
Pimpama, Coomera, and Upper Coomera are all conveniently located 30 minutes to everything the Gold Coast has to offer including shopping, sports, family attractions, beaches, dining, and nightlife.
The suburbs are seeing plenty of businesses invest in the region such as a new Bunnings store and Costco - location will be adjacent to Westfield Coomera.
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Median price - Pimpama: $665,000 for houses, $510,000 for units.
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Median rent - Pimpama: $590 p/w for houses, $500 p/w for units.
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Median price - Coomera: $743,000 for houses, $491,000 for units.
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Median rent - Coomera: $630 p/w for houses, $500 p/w for units.
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Median price - Upper Coomera: $778,000 for houses, $546,000 for units.
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Median rent - Upper Coomera: $650 p/w for houses, $520 p/w for units.
Mermaid Waters
Scott Aggett, Founder and Property Negotiator of Buyers Agency Hello Haus, said over $7 billion worth of infrastructure projects in the area is fuelling Mermaid Waters’ growth.
“Mermaid Waters will benefit significantly from the key transport projects in place for the Gold Coast, which includes the expansion of the Gold Coast Light Rail project from Broadbeach to Burleigh Heads,” Mr Aggett told Savings.com.au.
“It’s a tightly held location with strong owner-occupier appeal due to its close proximity to the beach, public transport, and shopping centres.
“The suburb is also attractive due to the sub 1% vacancy rates and a10-year compounded growth rate of 10.85%.”
Key Infrastructure Projects include:
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Gold Coast Light Rail - Stage 3: $1 Billion
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Pacific Motorway (M1) Varsity Lakes to Tugun upgrade: $1 Billion
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Gold Coast Airport expansion: $347 Million
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Gold Coast Health and Knowledge Precinct: $5 Billion
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Median price: $1.6 million for houses, $645,000 for units.
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Median rent: $1,000 p/w for houses, $590 p/w for units.
The Gold Coast suburbs to keep an eye on if you’re a first home buyer
Have you got your heart set on buying your first home on the Goldie in 2023?
Here are the suburbs to consider according to Dr Mardiasmo’s research.
| House | |||
| Suburb | Median price | Annual growth | Future projects |
| Miami | $1,405,000 | -3.8% | $52.7M |
| Paradise Point | $1,895,000 | -0.3% | $4.9M |
| Mermaid Waters | $1,560,000 | 6.3% | $40.0M |
| Palm Beach | $1,549,000 | 6.8% | $133.9M |
| Elanora | $1,135,000 | 7.1% | $15.0M |
| Runaway Bay | $1,500,000 | 7.5% | $4.5M |
| Highland Park | $859,000 | 9.8% | $1.9M |
| Unit | |||
| Suburb | Median price | Annual growth | Future projects |
| Currumbin | $890,000 | 6.2% | $4.3M |
| Mermaid Waters | $640,000 | -3.1% | $40.0M |
| Helensvale | $637,500 | 4.3% | $45.2M |
| Broadbeach Waters | $669,000 | -3.1% | $50.0M |
| Miami | $850,000 | 7.1% | $52.7M |
| Bundall | $485,000 | 1.0% | $168.0M |
While the above suburbs are not the cheapest by any means (most have a higher median price than the capital city metro), they have seen negative or lower growth in recent months, thus creating new opportunities for first home buyers e.g. higher affordability. Suburbs that do have a lower or on par median price than the capital city metro are in bold. Median prices capture sale transactions from 1st January to 30th September 2022.
First published on December 2022
Image by City of Gold Coast via Unsplash
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