Gold Coast luxury prices up 34.7% in five years, outpacing Los Angeles

The Gold Coast ranked eighth among the global top ten markets for percentage price growth over the past five years, ahead of Los Angeles, according to Knight Frank's The Residence Report 2026.

Luxury property on the Glitter Strip has grown 34.7 per cent over the past five years, with new apartments now valued at $24,700 per sqm.

Brisbane has risen rapidly to $29,100 per sqm. Melbourne sits at $33,200 and Sydney remains in a league of its own at $74,500.

The report identified Brisbane as one of the fastest-growing luxury property markets in the Asia-Pacific. Strong infrastructure investment and population migration from interstate and global buyers have made both Brisbane and the Gold Coast hotspots for ultra-high-net-worth individuals (UHNWIs).

Why buyers are coming

McGrath Knight Frank Projects South-East Queensland principal Owen Moore said lifestyle was doing the heavy lifting.

"Absolutely, unequivocally, it's lifestyle, weather and the natural environment all rolled in together that are attracting wealth," he said.

"The Gold Coast market has evolved from an apartment market driven by overseas investment to now, where the wealth people are holding in their homes is driving a market catering towards right-sizers."

Moore said the urgency tactics common in the broader residential market do not translate to prime property, where buyers set their own timeline and agents have little control over the speed of a transaction.

"Agents working in the prime real estate markets should remember that most purchases are discretionary, meaning that their buyers have choice and will act in their own time and on their own terms," Moore told Smart Property Investment.

"Timing is everything when it comes to making these decisions with these individuals. Vendor expectation is based on timing and ensuring the asset is providing a value that is benchmarked in the market."

The prestige market runs on its own cycle

McGrath Estate Agents chief executive John McGrath said Australia's most expensive homes had proven resilient despite cooling conditions nationally.

"High-end properties don't take into account the true prestige market, which comprises sales in the price bracket upwards of $5 million or, generally speaking, the top five per cent of all property transactions," McGrath said.

He said most of that market was led by UHNWIs, and Australia's population of these individuals is expected to rise by nearly 60 per cent over the next five years.

"Our billionaire numbers are also forecast to grow by 77 per cent in this period, which puts us in the fourth and fifth place globally in a listing of 200 locations," he said.

McGrath said prestige vendors and buyers were often more concerned with global geopolitical issues than domestic factors.

McGrath Estate Agents national head of research Michelle Ciesielski said growth in global wealth would continue to support demand here.

"As UHNWIs continue to expand their property portfolios, Australia has a significant opportunity to attract a larger share of those buyers," Ciesielski said.

"The average UHNWI now owns almost four homes globally, and Australia is the type of market many would look to add to their portfolio because of its lifestyle appeal, stability and long-term growth prospects."