Gold Coast Real Estate Market Powering Ahead
The past few years hasn’t seen an enormous amount of growth but a recent housing report shows a golden opportunity for those interested in buying or selling on the Gold Coast.
What Has Caused This Resurgence In The Gold Coast Property Market?
With rising home prices and a booming real estate market in 2015, there has never been a better time to start investing in property just north of the border.
Economic turbulence slowed the housing market across Australia but most other major cities have regained stability.
Despite this turnaround elsewhere, the Gold Coast had a harder time recovering. It was not until real estate numbers were released in June 2015 that it became clear that the Gold Coast was also in a real estate revival.In fact, property values increased by 10.7 percent throughout the Gold Coast over the last year.
This impressive increase can be attributed to various factors.
To start, the Gold Coast has seen a great deal of population growth in recent years. Even though the economic downturn had led to a high percentage of distressed homes on the market, continued population growth quickly absorbed these homes and increased demand for new construction as well.
As demand outpaced supply, home prices could only go up.
Gold Coast Tourism Boosting The Local Economy
Population growth is not the only factor. Since the Australian dollar has been weak in worldwide markets, visitors have seen Australia as an appealing destination.
Therefore, the Gold Coast has seen a resurgence in tourism which has driven the need for more housing and other services.
“We certainly weathered a drop off during the GFC, but the winning of the Commonwealth Games and the building of much needed infrastructure, like the Gold-LinQ tram, has sparked a revival,” Lucy Cole explains. Cole, who operates Lucy Cole Prestige, is a local real estate expert.
Local Market Catering to all Buyers
One of the best things about the market revival on the Gold Coast is that there is something for everyone.
Even buyers looking for their first home have plenty of appealing properties to consider. These buyers can find starter homes for $500,000 or $600,000.
“With this sort of budget, buyers wanting a three-bedroom family home should look in areas like Nerang and Pacific Pines,” Cole says.
“The other option would be to head south towards an area like Palm Beach where you should be able to find a nice villa for this budget.”
Buyers with larger budgets can enjoy even more opportunities.
With $1 million, buyers can find luxury living options in elite destinations. Cole elaborates, “At around a million dollars, good apartments do pop up in quality buildings in areas like Broadbeach, Main Beach or a little back from the main strip in Surfers Paradise.”
These properties often have numerous amenities and spectacular beach access with ocean views. Upscale buyers can also look at older properties with fewer amenities and more space in Benowa and beyond.
Whatever the budget may be, the opportunities are continuing to grow for housing on the Gold Coast.
With an ample selection and competitive prices, there is no better time to look for a golden property on the Gold Coast real estate market.