Is now the best time to get into some real estate in Surfers Paradise?
There's never really a bad time to look at moving to the Gold Coast – all year round it features sun, sand and surf. That's a beautiful combination, and one that people should be looking at over the next few months.
It's a great time to get into the property market, with research from Adelaide Bank showing that the median weekly family income increased by 0.5 per cent over the March quarter of 2016 to a welcome $1,652.
That could mean you've got a little more money in your pocket each week to put aside as savings, which will all help toward getting enough together for that all-important home deposit. Once you've collected enough for your bank account, and your mortgage broker, that dream Surfers Paradise property won't be too far away from being yours at all.
Why has the income increased?
At a time when there is so much perceived uncertainty in the financial markets, it might seem a bit out of place that people are earning more on average. However, housing affordability has also increased, which means that people are able to get into a more high-end home, or one in a nicer region.
"When compared to the previous quarter, all states and territories saw improvements in housing affordability with the exception of the Northern Territory, where the proportion of income required to meet loan repayments increased by 0.7 percentage points," said Damian Percy, the general manager of Adelaide Bank.
"Despite New South Wales recording the largest quarterly decrease in the average loan size to first home buyers, the proportion of income required to meet loan repayments in [the state] is still 5.4 per cent above the national average."
This has factored heavily into the increase in median weekly income, as people are now more able to send away their monthly mortgage repayments more comfortably.
Sydney might seem like the place to be for the continued growth and success of your business or start-up, but the state of Queensland is also offering some great incentives of its own. Couple that with the fact that there is a much more prominent struggle for housing affordability south of the Gold Coast and you've got a clear winner for where your next housing destination is going to be.
How is business being encouraged in Queensland?
According to the Chamber of Commerce and Industry in Queensland (CCIQ), there have been significant steps toward better business funding that is making it much more viable for small-businesses and start-ups to move into the state. This is seen through the increase in the Advance Queensland fund from $180million to a whopping $405million.
"Countries around the world are rapidly responding to global economic changes in order to remain competitive," said CCIQ director of advocacy Nick Behrens.
"The government's commitment to ensuring innovation remains a key priority for Queensland will see us keep pace and not fall behind."
As businesses become more able to acquire funding for expansion and getting off the ground at various stages of their life cycles, the improvement in weekly income will also have a great effect on making a move to a city of your choosing.
The CoreLogic RP Data monthly indices show that a house on the Gold Coast is significantly more affordable than in Sydney or Melbourne. The Gold Coast and Brisbane figure is low at $560,680, while Sydney comes in at $1,068,940 and Melbourne just behind that at $845,650.
Gold Coast property is not only more affordable, it's also a great place for businesses to be and you'll be out of a mortgage much faster with the increase in weekly family incomes. It's a great time to be making the move to the south-east of Queensland and the team at Ray White Surfers Paradise will be on hand to help out.