What we know about the Gold Coast median house price so far…
Despite the economic challenges faced by many Australian cities in recent years, the Gold Coast has remained a strong and steady performer in the property market. In fact, the median house price in the region has continued to rise, despite the impact of the COVID-19 pandemic.
As of February 2023, the median house price in the Gold Coast stands at $795,000, an increase of 13.6% from the previous year. This growth trend is a continuation of a longer-term trend, with the median house price in the Gold Coast having more than doubled over the past decade.
So, what is driving this growth in the Gold Coast property market? And what does it mean for buyers, sellers, and investors?
Strong population growth
One of the key drivers of the Gold Coast property market is the strong population growth that the region has experienced in recent years. Between 2016 and 2021, the Gold Coast’s population grew by 7.1%, making it one of the fastest-growing regions in the country.
This population growth has been driven by a range of factors, including the region’s attractive lifestyle, employment opportunities, and proximity to major cities like Brisbane. This has created significant demand for housing in the region, which has in turn driven up property prices.
Limited Supply
Another factor contributing to the growth of the Gold Coast property market is the limited supply of housing in the region. While the population has been growing steadily, the rate of new construction has been relatively slow, leading to a shortage of available properties.
This shortage of supply has created a highly competitive market, with buyers willing to pay a premium for properties that meet their needs. As such, property prices have been driven up, making it an attractive market for sellers and investors.
Low-interest Rates
Low-interest rates have also played a role in the growth of the Gold Coast property market. As interest rates have fallen, it has become cheaper for buyers to borrow money to purchase a property, increasing demand for housing.
This has been particularly beneficial for first home buyers, who have been able to enter the market with lower deposits and more affordable repayments. Additionally, low-interest rates have made it more attractive for investors to enter the market, as they can access cheaper finance to purchase properties and achieve higher rental yields.
The impact of COVID-19
While the COVID-19 pandemic has had a significant impact on the Australian economy and property market, the Gold Coast has continued to perform strongly. In fact, the pandemic has led to a surge in demand for properties in the region, as people seek out more space and a better quality of life.
This demand has been driven by a range of factors, including the increased popularity of remote working, the desire for a better work-life balance, and the need for more space as families spend more time at home.
What does this mean for Gold Coast buyers, sellers, and investors?
For buyers, the growth of the Gold Coast property market means that competition for properties is likely to remain high. As such, it is important for buyers to be well-prepared, with a clear understanding of their budget and the type of property they are looking for. Working with an experienced buyers agent can also help buyers to navigate the competitive market and find the right property at the right price.
For sellers, the strong demand for properties in the Gold Coast presents an opportunity to achieve a good price for their home. However, it is important for sellers to work with a reputable agent who can help them to market their property effectively and attract the right buyers.
For investors, the Gold Coast property market presents a range of opportunities. With high demand for rental properties, investors can achieve strong rental yields, particularly in popular areas like Surfers Paradise and Broadbeach. However, it is important for investors to do their research. (you can also read What Is Self Managed Super Funds & How Can Be Leveraged to Purchase Property? here)
Overall, the Gold Coast property market is a dynamic and thriving market, with a bright future ahead. With its stunning beaches, vibrant lifestyle, and strong economy, the Gold Coast is a desirable place to live, work, and invest in property.
