From an outsider's perspective and a fellow Melbournite, I do travel there a few times per year and do look from time to time...........I reckon the market is soft.
Properties (houses) around the 700,000 to 1.3 Mill advertised range are selling for less than they were in 2007/2008. Some at a 10 % discount. I don't believe this market is going anywhere fast.
Hedges Avenue in Mermaid Beach is on "special" ...whoever has a few million and can afford to hold 4-5 Mill properties for a few years, will do very, very well out of the land alone. Apparently to the north Sovereign Islands mansions are also going cheap, although I don't follow that area closely.
I also don't follow the apartment or townhouse market there at all, so can't comment. I think in the sub million range for houses this year will present some good buying. The outer newer estates with slightly second hand house and land packages (a couple of years old) will probably suffer as families feel the pinch of further rate rises. These would be in the 400 K to 500 K range.
I'd be keen to hear of any local Gold Coaster's opinions also as I am looking at this market now, around Mermaid/Broadbech Waters.