Could now be the ideal time to get into a unit on the Gold Coast?
Whether you are dreaming of getting your foot on the property ladder with a first home or are focused on finding the perfect place to settle after completing your working career, the Gold Coast might have crossed your mind.
Offering sustained growth, continued development in key areas and balanced lifestyle opportunities, the region has something for everyone. Now, with new market reports published, there might just be yet another incentive to look into buying a property on the Gold Coast.
Let us talk about what the market has been up to, what the trends are looking to be and what that could mean for you and your plans.
What has been happening in the market
Residex recently released its market update for the 2016 June quarter, which showed some quite interesting changes. According to the report, the median unit price across Australia increased 2.58 per cent after what was previously a 1 per cent decline. As such, the median house price only rose by 0.03 per cent, which sounds pretty good, doesn't it?
However, before you jump ship on the unit market and put all your eggs in the house basket, Brisbane in particular showcased a strong capital increase of 2.95 per cent, something that might possibly spill over to the Gold Coast at some stage.
Residex points out that the riddle as to the gap between housing and unit price growth could lie in the specific growth cycles, which are currently unsynchronised. Just as an example, according to the market update, units were ahead of the housing market for a bit there, potentially due to their affordability.
Could this be the ideal time to get into the unit market?
Because relying one source doesn't always give you a well-rounded view, you might also want to consider the findings of the Australian Housing Outlook Report for 2015-18.
To confirm the general trend of expansion within the economy, the report suggests that unit price growth has been more subdued compared to that of houses. This, if you think about it, could mean now is the ideal time to snatch up what could become the hot cakes of the future: units. Especially considering as, according to the report, the market for units is expected to be less intense than that of other investments.
Additionally, interest rates are at what is described as historic lows, with unitary price growth forecast at 2.3 per cent for Brisbane, which might just play out in your favour as the construction of units has increased by 119 per cent while prices have declined by 3 per cent.
This, realistically, means that with such high supply, your savings can go further, giving you a chance to get into that perfect Gold Coast property.
Is the Gold Coast your ideal choice?
Whether you are building your career or are ready to hand over the reigns to the next generation, the Gold Coast might just be the paradise you've been looking for.
The Residex report mentions an increase in Australians settling into retirement using self-managed super fund (SMSF) money. This, pointing at a potential new growth stream for the housing market, will only increase in importance as baby boomers start to focus on spending their retirement in style.
On the other hand though, if you are just starting off, the job market is certain to start booming around the Gold Coast as major developments in infrastructure are undertaken.
If you have been enticed by the exiting prospect of moving into the property market, get in touch with our team at Ray White Surfers Paradise today to snatch up your perfect place.