We all know that the Gold Coast is experiencing a lot of growth at the moment, and as a result, there are a lot of eyes on the region, especially with the 2018 Commonwealth Games set to take place here. These developments range from better public transport all the way through to a revamping of tourism hubs, and when taken together show just how much the area is set to change over the next few years.
As well as the Commonwealth Games, the Gold Coast is also experiencing a surge in population – with an increase of more than 100,000 people in the last 10 years, according to data from the Australian Bureau of Statistics. Accordingly, there are a lot of smart investors and home buyers looking at the Gold Coast as a prime area to buy in. The question remains, when is the best time to get into the market? For some, this takes a lot of thought, but if you delay too long, you may just find that you miss out. Here's why 2016 is a great time to buy property on the Gold Coast.
Property on the Gold Coast may be in hot demand, but that certainly doesn't mean that there's an infinite amount of it. This is especially true in the most desirable areas like Surfers Paradise, which only make up a small part of the overall region. Many experts see this as a potential recipe for a land shortage, which may only be five years away. This is an opinion shared by Leda Holdings acquisition manager Richard Duce and REIQ Gold Coast chairman John Newlands, both of whom foresee a struggle to find residential land. This is partly due to the geography of the region, with large areas of mountains or swamp that aren't particularly conducive to development.
Of course, with greater scarcity comes higher prices, and Mr Duce predicts that by 2021, it could be nearly impossible to buy residential land for less than $500,000. Speaking to the Gold Coast Bulletin, he also mentioned that "land prices are already going up by $2,000 a month, which has accumulated to $48,000 in the past two years". This means that if you're on the hunt for a slice of real estate in the best areas, you're going to have to move quickly to avoid inflated prices – if you can even find the right property on the market!
The high price of land has prompted many residents of the area to purchase a unit on the Gold Coast, but it's important to remember that for every property that goes on the market now, there are more and more Australians moving to the area and looking to snap up a good bargain. The Office of Economic and Statistical Research projects that the Gold Coast's population will continue to grow faster than any other area of the country, which is something of a double-edged sword for property investors.
On the one hand, it means that there's a greater demand for places to live, creating a better market for those looking to rent out property. On the other hand though, with more families looking for places to live, there may be fewer houses available, especially if a land shortage makes moving unattractive.
Taking all of these factors into account, there may not a better time than right now to invest in property on the Gold Coast. The changes are coming thick and fast, so if you want to avoid missing out, get in touch with the team at Ray White Surfers Paradise today.