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Property Market Update - Gold Coast Property Trends And Predictions
Over the past decades, the Gold Coast's real estate market has clearly shown remarkable growth, sustainability and resilience by successfully weathering multiple economic downturns and establishing itself as a highly desired location for both owner occupiers and investors.
Over a period of 35 years, from the mid 1980s to 2021, median house prices in the Gold Coast have surged by 1,077% and unit prices have increased by 643.1% throughout the same period.
These magnificent figures can be, in part, attributed to the Gold Coast's rapid population growth - with the number of residents increasing from roughly 188,000 in the 1980's to a staggering 732,000 today. The Gold Coast is the 6th largest city in Australia, the nation's largest non-capital city, and Queensland's second-largest city after Brisbane.
The increase in population has led to a corresponding surge in demand for real estate, and significant investments in infrastructure, amenities and commercial developments.
The market correction:
In 2022, property buyers and sellers began to wonder when the market's bubble would eventually burst and we saw this become increasingly apparent in the aftermath of the pandemic which affected some regions more than others.
The Gold Coast's property market demonstrated resilience in the face of the nation-wide market fluctuations where in late 2022, the residential property market experienced a modest 1.5% decline which is a stark contrast to the nation-wide decrease which occurred at a rate of more than 5 x that of the Gold Coast.
The Gold Coast's property market in 2023 thus far:
The pandemic led to a significant shift in Australia's preferences with an increasing number of people desiring to live near the coastline. This trend has yielded wonderful results for existing Gold Coast homeowners, who observed a 32.2% appreciation in housing value compared to pre-pandemic levels.
The most recent report released by REA outlined that inventory of properties available for sale on the Gold Coast had increased by 12.6% compared to the previous year. This is a representation of the most substantial annual growth in property availability in the region since 2018.
Suburbs across the Gold Coast are becoming increasingly attractive to buyers, not only within Australia but globally too. In the years of 2022 to 2023 thus far, the Gold Coast has experienced a population growth of 1.47% equating to just over over 10,000 people who are seeking the lifestyle.
Furthermore, projections indicate that this trend will continue.
So, what do experts say is the future of the Gold Coast property market?
Data suggests the Gold Coast is projected to be home to approximately one million residents by 2050. This population growth will most likely result in increased demand for housing, placing an upward pressure on property prices. Additionally, the Gold Coast's stunning natural beaty and desirable climate are predicted to fuel further desire for the beachfront lifestyle among both domestic and international residents.
Given these factors, the Gold Coast's property market represents an attractive opportunity for investors looking to capitalise on this growing demand for property.
It is estimated, by experts, that the median house price on the Gold Coast will likely exceed $2.5 million by 2030. This predicted price growth can be owed by various factors such as popularity as a tourist destination, climate, historical resilience in it's property market and the increase in population growth.
With a diverse appeal amongst buyers, along with the Gold Coast's historical resilience in the housing market and overall confidence in its economy and public infrastructure, the Gold Coast is poised for sustained growth and prosperity.
If you are looking to buy or sell on the Gold Coast, please contact our team today.
Posted on 15 May 2023
Disclaimer: This blog post is not to be considered legal advice. If you are seeking specific legal advice we suggest that you consult a legal professional before making any significant decisions in this regard.
Reference: Realestate.com.au