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There are warnings that prices in the Gold Coast’s property market will soar in the coming years as supply constraints worsen and the apartment market fails to keep up with rising demand.
The Property Council of Australia’s new report, with independent research conducted by Urbis, showed the city is unlikely to meet its current attached dwelling targets under the South-East Queensland Regional Plan.
About 58 per cent of apartments due for completion in 2027–28 were at moderate or high risk of delay or withdrawal, according to the report.
Paul Riga, director at Urbis, warned about the expected impact of supply constraints heading into the rest of this year.
“While the Gold Coast saw a solid uptick in new projects coming to market throughout 2024, based on our understanding there is a real risk that this will decline over the remainder of 2025,” Riga said.
“A reduction in new product will only exacerbate the demand/supply gap, with the real impact being felt over the coming years for both purchasers and renters,” he added.
Property Council Queensland executive director, Jess Caire, said the state government needed to do all it could to deliver on supply targets.
“The further we fall behind our housing targets, the greater the deficit grows, and the more challenging it will be to make inroads into our housing crisis,” Caire said.
The regional plan requires the Gold Coast to deliver about 5,643 attached dwellings per year between 2021 and 2031.
Caire said the city has fallen well short of these targets since 2019, with less than a third of the target delivered annually.
“This reinforces the scale of the challenge that the Gold Coast has in front of it and the need for bold yet considered policy. Simply put, if nothing changes, nothing changes,” she said.
She noted the issues were not only on the Gold Coast but across Queensland.
The Property Council is calling for intervention from the state government, proposing an array of measures to boost the new housing supply.
“Median unit price growth on the Gold Coast over the past five years sits at 12.1 per cent per annum, with rental growth having increased at between 10 per cent and 11.2 per cent per annum over the same period,” the Property Council said.
The proposed measures include reviewing the application of the state’s foreign tax framework to level the playing field for Australian-based developers.
Further, the group is calling for an annual commitment in the state government budget to unlock catalytic infrastructure.
It comes as the Gold Coast gears up for the Brisbane 2032 Olympic and Paralympic Games, with four of the city’s venues selected to host numerous sports during the event.
The Games are expected to bring massive growth to Queensland’s capital, with investors and property buyers not only closely watching the CBD but the inner suburbs as well.
Upgrades to transport hubs will connect these suburbs to major infrastructure to be built ahead of the Games, as they turn into “vibrant, high-density urban areas”.
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