The Australian property market in 2016 has seen house prices soar in the southern states on the back of two rate cuts by the Reserve Bank of Australia to the lowest rates ever offered.
Now it’s expected Gold Coast will come out on top in 2017, with 10 to 20 per cent growth figures according to property expert Nathan Birch, co-founder of Binvested.
“I am seeing the same thing which was happening in Sydney in 2012 happening in the Gold Coast and the fringe suburbs of Brisbane right now. The buyer activity there is very strong.”
Nathan said there is plenty of room for the Gold Coast to catch-up on after prices fell during the GFC.
“Between 2009 to 2013 the market went backwards and the reason was because many developers went broke during the GFC. From 2013 to 2015 the market found its feet, like Sydney back in 2009 to 2012, and from last year to this year I have seen very good growth,” Mr Birch said.
CoreLogic’s most recent regional market update has Gold Coast home values trending upwards on a continual basis since mid-2013 and median house values as of September at $579,753 (up 6.6 per cent) from the previous year and unit values at $379,634 (up 4.7 per cent).
According to real estate mogul John Mcgrath, southeast Queensland will move to double-digit growth in 2017.
“You can buy a unit on the Gold Coast, a walk from the beach, for $250,000. The same unit in Sydney will cost $750,000,” Mr McGrath said.
The latest Residential Property Survey by NAB in Q3 2016 also pointed to the Gold Coast as a great performer and said the city was most likely to achieve above average growth in the next 12 months.
With the Commonwealth Games being hosted on the Gold Coast in 2018, and the boost in tourism and infrastructure, there has been a rise in interest in the Gold Coast which is expected to continue in 2017.
Opportunities exist to secure brand new residential product off the plan, locking in today’s prices in a rising market. Vue Terrace Homes at the geographic heart of Gold Coast – Robina has brand new 3 bedroom homes starting from $599,000, which are proving popular with buyers from across Australia.