The Gold Coast property market has experienced strong property growth over the past years. According to a new CoreLogic report, the Gold Coast recorded the second highest property value growth across regional Queensland in the last financial year.
The Sunshine Coast was the most solid performer, recording the biggest jump in median house prices at 6.9 per cent to $605,771 followed by the Gold Coast at 4.8 per cent to $642,243.
REIQ Gold Coast chairman John Newlands stated that strong property growth was a major milestone for the Gold Coast. He said the driving forces behind the increase was population growth and employment.
With experts predicting the the only way for the Gold Coast property market to go is up, let's consider some of the main Gold Coast property market drivers.
More Construction = More Jobs!
Major developments on the Gold Coast have been transforming the city into what we’d like to consider – Australia’s most beautiful city.
With a large number of new construction and infrastructure projects currently taking place within the Gold Coast and surrounding cities, there's been a higher number of job opportunities becoming available. This helps drives demand and many are moving in to take advantage of the great Gold Coast lifestyle and new job opportunities.
With higher demand, rental prices have been going up leaving many first home buyers looking for ways to get into the property market by taking advantage of the $15,000 Queensland first home owners grant and record low interest rates.
Many home buyers are buying off the plan in new estates and developments. This has helped to increase the demand for more construction jobs and increased property prices.
Low Australian Dollar = Increased Foreign Interest
The low Australian dollar has been attracting more foreign visitors and investors. More are traveling to the Gold Coast for a cost effective holiday.
The low Aussie dollar also makes Australian property appear comparatively cheaper to foreign investors which is resulting in many seeking out a bargain.
Whether we like it or not, foreign investors have been are buying our property and investing in major developments. This has supported job growth and continues to increase demand.
Is the Gold Coast Property Market Tipped for Success?
A leading demographer, Bernard Salt has stated that the Gold Coast needs to prepare for a population of 1.2 million people by the year 2050. This will result in a higher demand for property in future years.
Population growth, increased job opportunities and the low Australian dollar have all contributed to a better performing Gold Coast property market.
With industry experts expecting the Gold Coast to see strong continued property market growth, now may be a good time to consider entering the market while house prices are still affordable.
Source: Realestate.com.au
Comments