Known as a “world-class coastline”, the Gold Coast was ranked as the strongest market in Queensland and among the top 10 nationally in 2017. Its housing market experienced an increase median sale price of 7.7% in 2017— a drastic contrast compared to its neighbour, Brisbane, which recorded an increase of only 2.6% (Source: Real Estate Institute of Queensland Report 2017).
But these statistics come as no surprise.
The Gold Coast region has been experiencing substantial property growth over the past 5 years, witnessing a 36% and 23% increase in the number of houses and apartments respectively. This is attributed to consumers’ demand for affordable housing options, in comparison to southern markets such as Sydney, and a desire to live in established coastal areas.
Although the growth of houses outperforms that of apartments, it is undeniable that apartment living is becoming more attractive due to its convenience, offering residents with retail, cafes, restaurants and entertainment right outside their doorstep (Source: Gold Coast Bulletin, 2018) — a following trend that we see in big cities like, Sydney and Melbourne.
The development of multi-use lifestyle hubs and maximization of strong public transport links to these hubs also play a huge role in Gold Coast’s booming property market. It creates commercial and residential opportunities, attracting many major developments, including the $1.2 billion Spirit development, which is on track to becoming the southern hemisphere’s tallest building.
By now, you are wondering how much it will cost to live in a beachside and waterside city, an unrivalled lifestyle, with good infrastructure, alongside many well-off residents and locals.
According to CoreLogic’s latest regional market data, the median house price was $634,423 and $411,229 for a unit. This is a very attractive price for many buyers who are looking for a stable property market that offers both affordability and easy access to world-class beach and coastal areas.
So, despite the increase in median sale price, Gold Coast still proves to be one of the most attractive destinations for owner-occupiers and investors in South East Queensland.
As illustrated above, SEQ population growth had until recently dropped back below national levels, after a decade of growth outstripping that observed in other states (excluding Western Australia), in particular, the major east coast cities of Sydney and Melbourne. In recent times, however, population growth across SEQ, and particularly the Gold Coast has rebounded strongly and is now tracking at 2.32% per annum.
Traditionally, population growth within South East Queensland (SEQ) and in particular the Gold Coast had significantly outperformed growth in the other major east coast markets, fundamentally built upon very strong levels of net interstate migration (NIM). However, due predominantly to effects related to the global financial crisis (GFC) in 2007/8, the rate of population growth slowed and moved back into alignment with both national trends and the rate of growth in Sydney and Melbourne. As a component of growth, this was primarily driven by a reduction in net interstate migration (NIM).
Notably, in the most recent periods, however, the negative trend in NIM has reversed, NIM is now increasing and is currently at the highest levels post-GFC.
Supporting this population turnaround is a rebound in spending on population driven services (retail, health and education), international tourism gains and continued growth in the rate of migration driven by price arbitrage opportunities for affordable product.
From an overall employment perspective, analysis of the most recent employment growth data illustrates a tipping point as at August Quarter 2017, where jobs growth in Queensland growth outperformed the national aggregate.
If you are interested in understanding more about the Gold Coast property look or would like to discuss your property research requirements further, please contact Daniel Parker, Gold Coast – General manager at firstname.lastname@example.org or on 07 3221 8166.