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 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 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 – Australia’s most beautiful city.
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.
$15k first home grant + record low interest rates = buyers market.
With the Government first home grant of $15,000 available to first home buyers and home loan interest rates at record lows, many home buyers are keen to enter the property market before prices go up further.
Many home buyers are purchasing new homes off the plan. That's because the Government grant is only available for new homes. This helps to increase the demand for more construction jobs and increase property demand.
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 do your research first. Seek professional advice before making any financial decision and make sure to purchase within your affordability.
Property is known to be a long-term investment so the sooner you're in the market, the sooner your home can grow in value.
low deposit? no problem!
Our Low Deposit Home Solution is helping buyers to get into the property market sooner starting from only $5,000 deposit. That's because we're providing a gift of $10,000 towards our buyers new home to make it possible.
You can get your free info pack and learn more about this great opportunity at the link below.