Aerial view of the stunning Gold Coast skyline on a sunny day, Queensland, Australia
The Gold Coast’s post-pandemic glamour run has hit the wall with house values tumbling nearly $52,000 from peak as soaring mortgage rates push buyers past their borrowing limits.
New figures from the Realestate.com.au Home Price Index, out Monday, reveal greater Gold Coast dwelling values fell 0.26 per cent in October to a median of $1,147,000 – wiping roughly $35,474 or 3 per cent from its all-time high.
Houses have borne the brunt of the correction, with a 3.6 per cent peak-to-trough drop that took an estimated $51,946 in equity away from the typical Gold Coast house – pulling annual price growth down to just 0.66 per cent at a time when headline inflation is hitting 4.3 per cent.
An aerial of the Gold Coast, showing the skyline of Broadbeach, Surfers Paradise and Broadbeach Waters. Picture: Supplied
Units proved far more resilient in October, dipping just 0.07 per cent over the month to a median of $943,000 (down $5,597 or 0.59 per cent from peak), with annual growth holding at 2.58 per cent.
Realestate.com.au senior economist Eleanor Creagh warned the Gold Coast’s pricing advantage was now negligible leaving it exposed to future Reserve Bank moves.
“The Gold Coast remains a highly desirable lifestyle market, but years of strong price growth have significantly eroded its affordability advantage,” Ms Creagh said.
“Higher borrowing costs are now placing greater constraints on demand, particularly for houses, where buyers generally need larger mortgages.”
“The relative resilience of units suggests affordability is increasingly shaping purchasing decisions, with some buyers seeking lower priced alternatives.”
Ms Creagh warned any further interest rate tightening would hit the Gold Coast far harder than Queensland’s more affordable northern centres.
Realestate.com.au senior economist Eleanor Creagh
At $1.39m, a Gold Coast house costs more than double a Townsville house ($659k) and nearly double a Cairns house ($740k), amplifying mortgage sensitivity as rate hike threats mount.
“Further interest rate tightening would add to these pressures, and the Gold Coast’s elevated price levels leave it more exposed to reductions in borrowing capacity than more affordable parts of regional Queensland,” she said.
“A fifth interest rate increase would add further pressure to Queensland housing markets at a time when buyer demand is already weakening.
“The Gold Coast is more exposed to this affordability squeeze given its much higher property prices, while Cairns and Townsville retain a degree of protection from their comparatively lower price points.”
Median $1,147,000 | MoM: -0.26% | QoQ: -0.96% | YoY: +1.29% | Drop from Peak: -$35,474 (~-3.0%)
Median $1,391,000 | MoM: -0.38% | QoQ: -1.08% | YoY: +0.66% | Drop from Peak: -$51,946 (-3.6%)
Median $943,000 | MoM: -0.07% | QoQ: -0.59% | YoY: +2.58% | Drop from Peak: -$5,597 (-0.59%)
Source: PropTrack / Realestate.com.au Home Price Index (October 2026)
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