The Gold Coast property market is beginning to recover, with property values and median rents rising steadily according to RP Data.
“As a result of the carnage left in the wake of the global financial crisis (GFC) back in 2007, lifestyle markets such as the Gold Coast were the worst hit,” RP Data research analyst Cameron Kusher said.
Over the past 12 months, property values have risen 2.1 per cent, the strongest annual increase since May 2010. Home values accelerated over the past year, rising 3.3 per cent.
However, the value of units dropped by 3.1 per cent in the same period.
An uptick in tourism and construction activity, as well as population growth in the region, have driven property values higher.
The rental market is also benefiting, with weekly median rent for houses rising by 2.3 per cent, and rent for units rising by 5.3 per cent.
The most popular suburbs for home sales were newer inland areas, including Upper Coomera, Robina, Helensvale and Ormeau.
On the flip side, unit sales were highest in built-up beachside suburbs like Surfers Paradise, Southport, Broadbeach and Hope Island.
Sales volume has risen by 20 per cent in the 12 months to June 2013, with 14,318 dwellings sold in the area.
Just under half of homes were purchased for between $400,000 and $600,000, while a majority of units recorded sales of $200,000 to $400,000.