There is much to love about the Gold Coast, with numerous dining options, kid-friendly adventures, stunning coastlines, and magnificent national parks. These are just a few of the activities locals and tourists alike enjoy doing on the Gold Coast.
The Gold Coast has ranked as one of the top tourist destinations in Australia due to its abundance of attractions. It’s also home to some of the country’s most expensive properties. If you are considering buying a house on the Gold Coast, you will want to know how much you need to earn to afford this costly suburb.
The average Gold Coast home costs $1,100,000, so you’ll need at least $120,000 each year to cover your mortgage and other bills. That is assuming you’ve got around a 20% deposit. If you want the best quality houses, you will have to earn even more than this average figure. Homes on the beachfront can sell for as much as $2 million or more, which means that someone making an average salary would have to work full-time for over 40 years before they could afford such a luxury home!
We’ve crunched the data, so you don’t have to. Here are the Gold Coast suburbs and what it takes to buy a home in them:
Best Suburbs in the Gold Coast to Invest in 2022
Labrador is an affluent suburb with a median house price of around $1 million. This fact makes it one of the most expensive suburbs in Australia for real estate. Its closeness to the Broadwater brings in people who like to walk, run, or ride their bikes along the beachside paths. Next to the well-known Charis Seafood market, there is a fenced-in swimming area and a playground where kids can play.
Labrador has some great schools, including St. Hilda’s School, Holy Spirit Primary School, and All Saints Anglican School.
If you’re looking to purchase a home on the Gold Coast, Labrador will give you a fantastic home experience, and you’ll need to earn at least $120,000 annually based on a median price of $1,167,500 and a 20% deposit. The average household income in this area is $70,000 per year.
Hope Island Suburb
Hope Island is a Gold Coast suburb located north of Surfers Paradise and Southport. The area was initially used as a farm to grow sugar cane and bananas. Today, the suburb has become one of the most sought-after on the Gold Coast, with its beautiful parks and many luxury homes.
Hope Island is primarily made up of private communities, such as Sanctuary Cove. The island’s canal system allows for beautiful waterfront houses and a lively boating community around Hope Island Marina.
The median house price for Hope Island is $1,900,000. It only means that half of all houses in this area are worth less than this amount, while half are worth more. If you want to buy a house on Hope Island, you need to earn at least $180,000 per year before tax. That is assuming you’ve got around a 20% deposit.
Mermaid Beach Suburb
Mermaid Beach is one of the most sought-after suburbs in the Gold Coast area and has a population of around 8,000 residents. The beach itself is a popular tourist attraction, as well as an important recreational area for locals.
Mermaid Beach has a long history of being one of the overlooked neighborhoods between Broadbeach and Burleigh Heads. But now, the suburb is presently home to a large number of cafes, eateries, and pubs. This suburb is hard to beat because of its world-class, white-sand beaches, numerous green parks, recreation centers, and good transportation links.
The median price for a house in Mermaid Beach is $1,300,000. To afford a home at this price point, you would need to earn $130,000 annually. That is assuming you’ve got around a 20% deposit.
Broadbeach Waters Suburb
Broadbeach Waters is one of the original suburbs on the Gold Coast. It’s a popular place to live because it’s close to the beach and has easy access to public transportation. If you’re planning on moving here, you’ll need to know how much money you’ll need to make to buy a home in Broadbeach Waters.
The median housing price for Broadbeach Waters is about $1.4 million. To afford this kind of house, you’ll need to earn at least $130,000 annually. That is assuming you’ve got around a 20% deposit.
Paradise Point Suburb
Paradise Point is a suburb on the Gold Coast that is situated on a peninsula that is bordered by the northern Broadwater, Coombabah Creek, and Coomera River. Sovereign Island and Ephraim are also included in the suburb; although the residents may prefer to think of themselves as being separate.
Also, locals enjoy the suburb’s esplanade parklands on the east side for casual waterfront park picnics and relaxation. The neighborhood’s esplanade contains a new playground, public amenities, barbecue grills, and picnic shelters.
The median house price in Paradise Point is $1,030,000. If you want to buy a property in Paradise Point and have no other income sources besides your job, you’ll need to earn at least $110,000 per year before taxes. That is assuming you’ve got around a 20% deposit.
Burleigh Heads Suburb
Burleigh Head is one of the most affluent suburbs on the Gold Coast, located on the Northern Gold Coast, Queensland, Australia. The suburb offers some of the most stunning views along Australia’s coast and access to some of the best beaches in the country. Buying a home in Burleigh Head is an exciting prospect, but it can also be daunting.
The median house price in Burleigh Head is $1,898,000. To afford this kind of house, you’ll need to earn at least $180,662 per annum as an annual salary. That is assuming you’ve got around a 20% deposit.
Southport is a coastal suburb located on the Gold Coast. Surf Life Savers patrol Southport’s main beach in the summer and lifeguards on school holidays and weekends.
The median house price in Southport is $1,235,000, which means that the average income earner needs to earn about $115k/year to afford to live here. That is assuming you’ve got around a 20% deposit. The typical weekly mortgage repayment for a house in Southport is $2,500, making it one of Australia’s most expensive suburbs.
Takeaways You Must Consider to Buy Gold Coast Suburbs
- If you’re looking for a Gold Coast property, then it’s worth exploring how much you need to earn to afford a specific suburb. Of course, it’s important to remember that other expenses are also part of it if you want to buy property – such as stamp duty and ongoing costs like rates and taxes.
- Nevertheless, the answer depends on what kind of house you want. It will cost more if you buy a bigger house with more bedrooms. But if you’re willing to compromise on square footage and the number of bedrooms, then there is a possibility that your budget can be smaller.
Which Suburbs Are In Your Price Range?
Overall, it shows that many suburbs on the Gold Coast would not be accessible locations to buy a home. Even though it is a popular place to live and work, some suburbs are out of the reach of an average worker’s income. It would mean one may have to upgrade their job to afford such a house. The size of the property may also play a factor – if you want your yard and fewer neighbors, then you will have to earn more than someone who wants more neighbors and doesn’t mind living in a smaller home.