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  • Writer's pictureJanneke

What's happening with Real Estate Prices on the Gold Coast?

House prices across Australia have been in a slow but steady decline since the RBA first raised the official cash interest rate in March 2022. And while it took a little longer for house prices on the Gold Coast to be affected than they did in say Sydney and Melbourne, realestate.com latest figures show house price growth has slowed down and, in some cases, prices are falling. There are, however, a couple of suburbs where prices continue to grow at a rapid rate.

Here are the winners and losers of the Gold Coast real estate market.

Which suburbs on the Gold Coast are house prices dropping?


Looking at the median house price by suburb to December '22, the following suburbs showed the biggest declines compared to the previous quarter (12-months to Sep '22). And while in most cases the growth experienced during the covid boom, meant house prices in most suburbs are still well ahead of their value a year ago, there were two suburbs that bucked that trend and in fact recorded a year-on-year decline; these were Currumbin and Biggera Waters. I should however also add that the median price pre-covid (Mar 20) for Currumbin was $945k and Biggera Waters $655k so unless you bought at peak, you will still be laughing all the way to the bank.


1. Biggera Waters

The largest drop in median house price in the last two quarters was recorded in Biggera Waters -20% compared to the 12-months to Jun '22. Year-on-year the median house price dropped by -5%. Currently the median house price is $905,000.

Period (12-months to)

Median House Price

December '21

$950,000

June '22

​$1,130,000

September '22

$1,040,000

December '22

$905,000

2. Currumbin

As at the end of 2022, the median house price in Currumbin is $1,380,000, that's a 5% drop compared to December '21 and a -13% decline to September '22 when prices in the suburb peaked.

Period (12-months to)

Median House Price

December '21

$1,450,000

June '22

$1,552,500

September '22

$1,580,000

December '22

$1,380,000

3. Runaway Bay

While the median house price for Runaway Bay declined compared to the Jun and Sep quarters, compared to last year it is still up by 5%. Runaway Bay hit its peak in July '22 with a median price of 1.6 million.

Period (12-months to)

Median House Price

December '21

$1,242,000

June '22

$1,400,000

​September '22

$1,500,000

​December '22

$1,392,500

4. Palm Beach

The Palm Beach median house price at the of last year is $1,469,500, a 1% increase on the previous year but a decrease of -7% from its peak in September '22.

Period (12-months to)

Median House Price

December '21

$1,450,000

June '22

$1,548,000

​September '22

$1,580,000

​December '22

$1,469,500

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5. Hope Island

Hope Island's highest recorded median house price was $1,480,000 in August 2022, since then it has been a gradual decline to the current median of $1,392,500.

Period (12-months to)

Median House Price

December '21

$1,242,000

June '22

$1,415,000

​September '22

$1,475,000

​December '22

$1,392,500

6. Tugun

While Tugun saw house prices fall over the last 6-months (-5%), overall, the median price compared to last year is still up by 13%.

Period (12-months to)

Median House Price

December '21

$1,005,000

June '22

$1,200,000

​September '22

$1,200,000

​December '22

$1,137,750

8. Molendinar

While prices are falling (-4%) from the height of the market in September '22 at $967,500, to $920,000 in December '22 that still represents a 22% increase on December the previous year.

Period (12-months to)

Median House Price

December '21

$755,000

June '22

$917,500

​September '22

$967,500