Gold Coast Property Market
Gold Coast property market while powered by the drastic uptake in remote working and extremely low interest rates in recent years, interstate migration will continue to fuel dwelling demand in the Gold Coast. Median house price growth is expected to rise by 19% over the three years to June 2024, taking the median house price to $915,000. The median unit price is set to follow a similarly strong pattern as the prospect of returning international travel attracts investors to the market over the next three years. Median unit prices are anticipated to grow by 18%, reaching $608,000 by June 2024.
Real estate industry experts predict that property prices in Sydney and Melbourne will generally slow in 2022. This is largely attributed to affordability constraints—with interest rate rises also on the horizon.
CBA’s forecast is for, “dwelling price growth forecast to moderate over the first half of 2022.” ANZ believes prices will, “peak in late December 2021 and weaken in the new year due to tighter lending criteria, increased stock on the market, and affordability pressure.”
There’s also a broader trend at play as remote working becomes the norm (for white collar workers, at least) demand for homes in regional and coastal areas looks set to become more consistent, rather than traditionally relying on peak demand during school holidays. Locations like the Gold Coast, Sunshine Coast and Toowoomba are obvious beneficiaries of this.
Southeast Queensland has been good for interstate investors, given the comparative affordability of properties in that area, the significant population growth and the available opportunities in the job market. While the Gold Coast continues to perform, however, it may also be in danger of an oversupply of high rise apartments.
Whilst the Gold Coast may be about to come into a oversupply of apartments with approval and construction underway there’s a limited supply of new residential land available on the Gold Coast as well, so investors may want to consider house and land packages for investment as well.
Gold Coast Property Market Overview 2022
Longer term, expect the Olympics to play a significant role in Gold Coast property price growth in the lead up to 2032, an event that they expect will, bring enormous broad-based benefits to South East Queensland over the next decade.
We also highlight new developments in the pipeline, including a new township called ‘SkyRidge’ on the Gold Coast, that will have 3,500 new homes due for completion in 2036.
Gold Coast property market could well be the prime beneficiary of Sydney and Melbourne’s property market higher priced entry levels, with the economy in general starting to turn a corner after Covid 19 pandemic with Queensland re-claiming its place as Australia’s top rating destination for internal migration, as more families and downsizers from the southern cities cash-in for a lifestyle in the sun.
Economic growth and jobs are closely tied to every property market’s performance and for Queensland, confidence has returned to the Gold Coast property market since the federal election with the fear of negative gearing being abolished removed. Affordability combined with record-low interest rates make it an ideal time to invest into property. We are starting to see a strong surge from buyers relocating to the Gold Coast from Sydney and Melbourne whereby they can sell up at a higher price and purchase possibly a better property and have money left over.
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