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Andrew Bell’s Market Wrap: Excitement Builds For The Commonwealth Games + Win A Trip To Singapore!

MARKET WRAP
Issue 5  |   February 15th, 2018  |  Excitement Builds For The Commonwealth Games + Win A Trip To Singapore!

You can certainly feel the excitement building here on the Gold Coast with the Commonwealth Games only a month away. There is a real buzz in the air with teams already arriving, the Australian team selections and of course lots of exciting time trials pointing to great results at the Games.

It also continues to be exciting in our real estate market. Over the past couple of weeks I touched on the substantial growth in people migrating from other parts of Australia. Naturally, we need to be aware of how much new construction is needed to meet this increasing population growth. The current estimations, based on the recent official figures which I mentioned last fortnight, are probably out of date and underquoted but, based on those figures, we need around 5,000 new dwellings each year to house this population growth. It is interesting to see the breakdown of the age groups of people migrating to the Gold Coast where we see the forecast for our future dwelling demand being 12% for young renters, 24% for first home buyers aged between 25-39 years of age, 22% for upgraders aged between 40-54 years of age, 25% for downgraders aged between 55-74 years of age, 14% for retirees aged between 75-84 years of age, and just 3% for age care for people over 85 years of age.

On this basis, the forecast is we need about 40% of all constructions to be for apartments, 23% for small lot homes, 20% for townhouses, 15% for traditional detached housing and 2% for retirement aged care.

Looking even deeper we know a lot of people are concerned about the amount of construction of apartments on the Gold Coast but these forecasts again suggest we need around 3,000 additional apartments per annum to meet our housing demand. The current construction wave that we are seeing is not only making up for the past years where we had under construction but also meeting current demand

We are very excited about the upcoming Commonwealth Games period. It is forecast that our city will double in population size in the weeks of the Commonwealth Games. That means we will have at least another 700,000 people in our city, and so one can only imagine what that might do to buying demand. As such, our office is geared up and ready to go to service whatever increase buying demand there is over that period of time. If you are thinking of selling you will see our Commonwealth Games hotline: 180 198 009. Contact us to find out what all of our plans are to promote properties throughout this period of time when we will have the largest number of people on the Gold Coast at any one time in the city’s history. If you are looking to buy we of course are more than happy to help you with a wonderful array of Gold Coast property.

We invite you to enjoy this year’s NRL Tipping Competition with a grand final prize being a trip for 2 to Singapore. Click here for all details.

Stay safe until I am with you in a fortnights time.

Kind regards,

Andrew Bell, OAM
Chief Executive Officer
The Ray White Surfers Paradise Group

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