Tips to help you get into a highly coveted Gold Coast property
Looking for property to buy in the Gold Coast is starting to get pretty difficult as it has been growing in immense popularity over the past couple of years.
Just how fast is the Gold Coast property growing? According to CoreLogic, house prices are up 6.2 per cent in the 12 months up to December of last year – that's 21.2 per cent in just three years. Median house prices jumped from $565,000 in 2015 to $600,000 in 2016.
As a result, we've been seeing some major developers enter the area, investing in prime time property right on the coast. All this activity means that if you're interested in investing or moving into the Gold Coast, you should be doing it sooner rather than later. If this trend continues as it has been the past few years, properties are only going to get more expensive and harder to obtain.
That said, you're going to need some pointers to help you get into this already highly sought after property market. Check out our advice on how to buy into Gold Coast neighbourhoods.
1. Look outside the hotspots
Those who are looking to affordably get in on this action are going to need to move in to the surrounding suburbs, this action, however, is only driving the popularity of the area. According to Property Observer, these are the top five most affordable suburbs in the Gold Coast:
- Springbrook: $350,000
- Nerang: $370,000
- Pimpama: $380,000
- Coomera: $384,000
- Coombabah: $395,000
These areas aren't quite the epicentre of constant activity, but in an area that is growing as quickly as the Gold Coast, that could quickly change. As more and more flock to the Coast, they're going to need places to live and those bustling neighbourhoods are going to spill into their neighbours, making these trendy as well. These residential areas also attract young people looking to live near the action but at an affordable price, look for them as they are often a sign of an up and coming area.
2. Review neighbourhood building policies
When on the house hunt, many are look for a place which they can make improvements to as renovations are the key to improving property value. However, there are some neighbourhoods that have restrictions on what you can and cannot do to their properties. Some areas do this because they wish to maintain a certain image, and so even minor renovations like putting in a new fence, or even redoing an ensuite, will require a review by the local board. If you do plan to make renovations, do some research on the neighbourhood first so you don't waste your money on buying a property you can't update in the first place.
3. Get expert help
The best way to secure a piece of Gold Coast property is to put the professionals to work. Local real estate agents know the market better than anyone and they posses the relationships you need to get in on new properties before anyone else. A lot of times they will know of good properties coming up that have yet to be listed, because sometimes, it might already be off the market before it even goes on. And that is especially true in a hot market like Gold Coast. That said, you need to make sure you're working with the best of the best professionals as well.
Who better than the team here at Ray White Surfers Paradise? Contact us today and let's see what is available that will suit your aesthetic in these popular neighbourhoods!