The Gold Coast housing market has recorded its strongest annual increase in home value growth since May 2010, according to RP Data.
Gold Coast dwelling values increased by 2.1 per cent in the year to August 2013 led by a strong increase in house prices of 3.3 per cent.
RP Data’s research analyst Cameron Kusher said the recent recovery across the Gold Coast property market is a welcome change but noted the 'lifestyle market' has a long way to go before it would reach its previous peak.
“As a result of the carnage left in the wake of the global financial crisis back in 2007, lifestyle markets such as the Gold Coast were the worst hit.
“While recent capital gains results across the region are encouraging, dwelling values on the Gold Coast still remain 9.3 per cent below their January 2010 peak,” Mr Kusher said.
Mr Kusher also noted the unit market is still struggling after recording a 3.1 per cent decline in the year to August 2013.
“Although home values have increased by 2.1 per cent over the past 12 months, the unit market continues to underperform, with values falling by 3.1 per cent,” he said.