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. Great news for GC home owners! (The Sunshine Coast was the most solid performer, recording the biggest jump in median house prices).
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 only way for the Gold Coast property market to go is up, let’s explore some factors that are driving the Gold Coast property market forward…
More construction + more jobs = Demand
Major developments on the Gold Coast have been transforming the city into what we’d like to consider as one of Australia’s most beautiful cities.
With a large number of new construction and infrastructure projects taking place on the Gold Coast and surrounding cities, there’s been plenty of job opportunities available. Many are moving in to take advantage of the great Gold Coast lifestyle and new job opportunities. This of course is increasing demand for housing.
With higher demand, rental prices have been increasing. House prices have also been rising, however affordable opportunities are still available. Particularly on the northern end of the Gold Coast.
Low Aussie dollar + affordable property = Foreign interest
The low Australian dollar has been attracting more foreign visitors and investors which means more are travelling to the Gold Coast for a cost effective holiday. This is great for tourism and boosting our economy.
This also makes Australian property appear comparatively cheaper for foreign investors which is resulting in many seeking out a bargain.
Whether we like it or not, foreign investors have been 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 much 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, everything seems to line up for continued property growth on the GC.
If you’re considering the Gold Coast for your next property purchase, be sure to book a pre purchase pest and building inspection with our Gold Coast team. Click here to book with Your Building Inspector Gold Coast
Looking to buy property on the Gold Coast? Head to Realestate.com.au for properties currently available for sale.