Property prices from the Gold Coast to Northern NSW are closing in on Sydney, with values surgin

Property prices from the Gold Coast to Northern NSW are closing in on Sydney, with values surging almost 9%

The latest PropTrack Home Price Index, out Monday, found the median house price was now $1.32m – the only regional market in the country where prices outstrip its capital.

This as Sydney’s median house price hit $1.581m in the latest figures, growing at a slower pace of 3.8 per cent per annum.

REA Group senior economist Eleanor Creagh said “Gold Coast is the only market in Australia where the capital has a cheaper median than a regional centre”.

“The median value of houses in the Gold Coast, at $1.32m, is really starting to close in on Sydney.”

“The Gold Coast is continuing to see strong home price growth, kind of in tandem with the broader southeast Queensland market. It’s very much a continuation of the trend we’ve seen over the past few years.”

Regional Queensland set an even hotter pace with a 9.9% rise – seeing medians rise by $75,000 to $738,000 – with a shocking four of its SA4 regions topping national charts off huge double digit growth in the past year.

With Southeast Queensland and Northern NSW areas from the Tweed to Byron escalating in appeal and price, these sectors will definitely grow at a rapid rate with support from local and state Governments planned and existing infrastructure projects.

Source: PropTrack, REA, & AD-Admin.