In the latest Queensland Market Monitor, the Real Estate Institute of Queensland (REIQ) has identified Gold Coast as the sunshine state’s best performing property market for 2017, a result that looks set to continue as buyers increasingly favour beachside city living.
REIQ have attributed this result to the enviable Gold Coast lifestyle on offer, the boost in awareness and interest fuelled by next month’s Commonwealth Games, as well as the city reaching economic and employment maturity. These factors combined have put Gold Coast squarely on the map for both residential and commercial property buyers.
The three superstar Queensland cities of the REIQ report were the coastal hotspots of Gold Coast, Sunshine and Noosa with Gold Coast delivering the gold medal performance. The annual median Gold Coast house price increased by 7.7 per cent and all three beachside markets outperformed Queensland’s capital, Brisbane.
Upward pressure on prices has seen some areas demonstrate explosive median house and median unit price growth, with both the property market and economy going from strength to strength across the city.
The demand for Gold Coast property is being driven by a variety of buyers including downsizers, investors and families looking for work-life balance.
This in turn is driving vacancy rates to record lows with the Gold Coast rental market reaching, for only the second time in history, miniature vacancies of 1.1 per cent, outperforming both Sydney and Melbourne which both reached 2.2 per cent.
As a result, rental rates are trending strongly upwards, with Gold Coast commanding the highest rates for three-bedroom houses and two-bedroom unit rentals across the state.
In another sign of the ‘coming of age’ of our city, the Gold Coast job market has strengthened and unemployment has dropped to 5 per cent.
Gold Coast is also enjoying a strong local economy, a direct result of the infrastructure spend ahead of the Commonwealth Games plus ongoing private investment in the city by major stakeholders.
Gold Coast City Council has forecast investments of about $13 billion in residential, hotel, rail and transport infrastructure over the coming two years which, will continue improving the desirability of Australia’s sixth largest city.
The Gold Coast commercial property market has also benefited from the Commonwealth Games-fuelled interest in the area, with the office vacancy rate steadily declining to reach its lowest point in several years.
In just a few short weeks, it will be our city’s time to shine on the world stage at the biggest event ever to grace our shores. Gold Coast will become, not only the portal to promote Queensland tourism but Australian tourism. The stage is set for it to not only be the most exciting twelve days in Gold Coast history but for it to continue to deliver benefits to our city for many years to come.
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