How much do you need to earn to live comfortably in Gold Coast?

Over recent months the Gold Coast has received a lot of attention in the news from finance and property experts. Hailed by many as a regional hotspot, the Goldy certainly offers some reprieve from the soaring accommodation costs in capital cities such as Sydney. But how affordable is living on the Gold Coast really? Mortgage rates, rental costs, utility bills, entertainment, food and dining and all the other expenses all add up.

In this article we’re covering all of that and more.

We’re talking about a clear and reliable budget, that considers all of the extras and doesn’t leave you scraping through, rather, empowers you to live in true Gold Coast style.

Gold Coast Property Market

The Gold Coast was named as the second most popular location for regional movers in the March Regional Movers Index. Meanwhile the region’s construction sector has experienced a severe decline when it comes to new developments.

What does this all mean?

The city has experienced a significant increase in population, and there are not enough new-built homes or residences to support housing needs.

As a flow on effect property prices and rental costs on the Gold Coast have surged as supply and demand struggles to align.

What does it cost to rent in Gold Coast?

The median rental cost on the Gold Coast is $832 per week. This reflects a rise of 7.1% over the last year and 51% over the last 5 years.

To help you explore areas of the Gold Coast more aligned with your budget we’ve detailed the different areas of the city along with their average weekly rental prices

Unit prices remain fairly consistent ($700-$800 per week) across all areas of the Gold Coast. However there is a big difference in pricing for larger properties with the Gold Coast Hinterland offering a much lower weekly rate of $690 compared to the city’s south where the average is almost $1,200 per week.

Weekly cost: $700- $1,200 per week

Average house price in the Gold Coast

According to CoreLogic’s regional market update, the median house price on the Gold Coast is currently $1,007,029. This represents a quarterly rise of 3.1%, an annual shift of 12.7% and a five year increase of 81.5%.

The median house price on the Gold Coast is currently $1,007,029.

What does this mean for mortgage repayments

• To put down a 20% deposit on a property of this value you would need $201,405.

• According to the RBA, the average mortgage rate offered by Australian lenders is currently 6.22% for new loans.

• At this rate your mortgage repayments would come to roughly $1,232 per week, or $5,338 per month.

Given the strong demand for rental properties on the Gold Coast, finding a suitable house to share the cost of a mortgage would be an entirely feasible option.

Alternatively, you could explore cheaper suburbs such as Nerang in the city’s northern region. The current median house price there is just $866,500 . It's just 11 km from the Gold Coast CBD.

Based on this property value you could pay a 20% deposit of $173,300 leaving a loan of $693,200 and weekly repayments of roughly $1,061.

Weekly cost: $1,000 - $1,200 per week

This budget could be less depending on whether you choose to live independently, with flat mates or whether your mortgage is for a unit or house.

How much will I spend on food on the Gold Coast each week?

The average weekly grocery cost on the Gold Coast is $191.40. This is 0.74% higher than the national average of $190.

While averages are a good guide, it’s important to note that no two family’s weekly grocery budgets will be the same. The amount you spend will depend on your personal taste and dietary requirements.

Grocery prices on the Gold Coast are 0.74% higher than the Australian average.

Weekly cost: $192 per week

Average utility bills Gold Coast

The average monthly cost for basic utilities on the Gold Coast is $220 per month / $50.70 per week. This price is for electricity, heating, water and garbage for an apartment of 85m2.

Internet and mobile phone costs add a little extra:

Internet $87.33 per month / $20.15 per week

Mobile phone: $55.25 per month / $12.75 per week

NOTE: It’s important to account for seasonal changes in your bills. Since the Gold Coast experiences hot summers you are likely to use more power to support air conditioning and water needs through this time of the year.

Weekly cost: $94

What does transportation cost on the Gold Coast?

Gold Coast residents spend an average of $113 per week on transportation. The Gold Coast is a well-connected city with public transport services such as buses, trains, trams and ferries at an affordable price.

Weekly cost: $113 per person

How much does dining out cost on the Gold Coast?

On the Gold Coast you can expect to pay $65 - $85 for an average meal and a few drinks.

World-class bars, restaurants, cafes and breweries await at the Gold Coast - here’s an overview of popular food and drink costs on the Gold Coast.

Weekly cost: $75

What will I spend on entertainment in the city?

Clubbing

If partying and the club scene is your thing, you can expect to spend $112 on an average night out on the Gold Coast. Source: EventBrite.

This accounts for an average of three drinks. According to the EventBrite report, only 18% of participants reached for more than 3 drinks while others drank nothing at all on a night out.

Theme parks

The Gold Coast is home to Dreamworld, Movie World, Wet n’ Wild and more. Tickets usually start from about $100 at the gate (although locals can often access cheaper / annual rates). Online sales usually offer a cheaper rate too.

Beaches

One of the main attractions of the Gold Coast is its selection of pristine beaches. The best bit: these are yours to enjoy at absolutely no cost.

Weekly entertainment cost: $100

How much can I expect to spend to live basically on the Gold Coast?

After taking into consideration all of the above mentioned costs, we estimate a single person living on the Gold Coast would spend roughly $66k a year.

If $66k covers the basics, how much do I need to earn to live comfortably on the Gold Coast?

Single people should aim to earn at least $85,000 in order to earn $66,000 after tax.

If you live on the Gold Coast and have children you can expect your budget to be significantly higher in order to live comfortably. A family of four would need to earn close to $150,000 (combined income) to cover cost of living essentials and cover the necessary tax.

To live more comfortably a family would need to earn $190,000, although this still would not leave a lot for savings or big surprise expenditures.

What’s the average salary on the Gold Coast in Australia?

The average salary on the Gold Coast is $98,600 per year.

Moving to Gold Coast

If you're looking to make the move to Gold Coast, you can make the process simple and stress-free by booking with Upmove. You’ll get access to local Gold Coast removalists, so you have peace of mind during the move.