Gold Coast Apartment Market Hits $2.03M High Amid Dwelling Approval Shortage

The Gold Coast’s apartment market continues to outperform national trends, with limited supply and elevated demand pushing the average price of new apartments to a record $2.03 million, according to the latest Gold Coast Market Overview released by Colliers.

The report highlights growing concern around a deepening supply shortfall, with just 2,464 dwellings approved across the city so far this financial year – less than half the 6,500 homes needed annually to meet population growth projections.

Despite ongoing challenges around construction costs and planning delays, sales activity has remained robust, particularly in premium, lifestyle-driven precincts such as Broadbeach and Palm Beach.

“We’re in a classic undersupply cycle – demand is there, but the projects aren’t being approved or delivered fast enough,” said David Higgins, Residential Director at Colliers.

“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.”

In the final quarter of 2024, the Gold Coast recorded 290 new apartment sales, the strongest quarterly result of the year. Most of the sales were concentrated in the Central Precinct, which accounted for over 80 per cent of all transactions, reflecting both demand concentration and a lack of new supply in other areas.

The average price for new apartments reached $2.03 million, driven by demand for full-floor and oversized layouts, coastal positioning, and access to walkable lifestyle precincts.

Owner-occupiers continue to dominate activity, particularly downsizers seeking high-end product with quality design, strong amenity, and minimal maintenance.

“The Gold Coast apartment market has matured significantly,” said Mr Higgins.

“We’re no longer seeing speculative investment dominate new projects. It’s now about delivering highly liveable product that suits the lifestyle aspirations of a more discerning, design-conscious buyer.”

Tight rental conditions are further supporting the strength of the market, with vacancy rates sitting at 1.3 per cent citywide, and falling as low as 0.7 per cent in some coastal suburbs. Weekly rents have increased across all housing types, reinforcing the case for well-located new development and limiting downside risk for investors.

While affordability pressures are growing, sentiment remains positive among developers and buyers alike, underpinned by the city’s long-term population outlook and the transformational impact of the Brisbane 2032 Olympic and Paralympic Games.

With 16 Olympic events confirmed for the Gold Coast – including upgrades to facilities in Southport, Broadbeach and Carrara – developers are leaning into key transit-connected precincts positioned along the light rail corridor, where the benefits of infrastructure investment, density zoning and proximity to amenity are most tangible.

“The Olympics have brought long-term infrastructure certainty to the Gold Coast, and that’s translating into real confidence among developers and buyers,” said Mr Higgins.

“Areas like Southport and Broadbeach are emerging as true vertical lifestyle precincts – walkable, connected, and positioned for long-term growth.”

While new dwelling approvals in the Gold Coast remain 70 per cent below the city’s previous peak in 2015–16, Colliers reports that appetite for high-quality development sites remains strong.

Premium locations with preserved view corridors, lifestyle amenity and proximity to infrastructure continue to attract buyers and project partners, particularly where approvals are already in place or progressing.

With the Gold Coast forecast to welcome nearly 400,000 new residents by 2046, and limited land available for traditional housing, the apartment market is expected to play an increasingly central role in addressing the city’s long-term housing needs.

“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,” said Steven King, Director in Charge, Colliers Gold Coast.

“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.

“As the city nears a population of 700,000, with job growth outpacing Brisbane and a highly active expat community, the Gold Coast is cementing its place as one of Australia’s most dynamic and investable regions for long-term growth.”