Find Out What’s Tipped To Define The Gold Coast Market In 2018
The Gold Coast is set for a standout 2018.
The Gold Coast is known for its glitzy property appeal but a more solid foundation is tipped to define the market in 2018.
Property experts say infrastructure in the northern and central suburbs will contribute to an already booming market, buoyed by the buzz of the Commonwealth Games.
“I think the continued large amount of private enterprise infrastructure like the Westfield Coomera Town Centre, Sunland development at Mermaid Waters and The Star Gold Coast with its part-hotel, part-residential works will expand those areas,” newly appointed REIQ Gold Coast zone chairman Andrew Henderson said.
CoreLogic’s latest data to October 2017 revealed the median house price on the Gold Coast jumped 7.7 per cent in 2017, almost twice as fast as the national average.
Mr Henderson predicted prices wouldcontinue to increase, thanks to a seller’s market in the central suburbs.
“Most of the housing development is in the northern corridor, leaving the vast majority of the Gold Coast with existing stock to purchase in the central areas,” he said.
He said a wave of beachfront apartment developments was expected to be snapped up by locals wanting a sea change, and by savvy investors.
The CoreLogic report showed a 12-month increase of 3.7 per cent for median unit sales on the Coast.
“In terms of looking ahead, interstate migration is quite strong, jobs are very strong, there’s a significant amount of spotlight on the Commonwealth Games and then the infrastructure is a massive drawcard to keep bringing people in.”
It comes as $40 million worth of property is set to go under the hammer in a single day next week, at Ray White Surfers Paradise auction bonanza The Event.
RWSP CEO Andrew Bell predicted an influx of southern buyers, heralding the current climate as “the return of the holiday-maker”.
“We have truly been swamped, and there is no better word than swamped, with buyer inquiry,” Mr Bell said.
“The record numbers of people holidaying here on the Gold Coast has seen record levels of buying interest, and sales have been happening left, right and centre. If you had to use one word to sum up inquiry post-Christmas, it is Sydney,” Mr Bell said.
Source: Gold Coast Bulletin 20 January 2018