What does the future hold for the Gold Coast?
There is already a large number of people who enjoy living on the Gold Coast for all that it's worth – and why wouldn't they? It's filled with fabulous shopping districts, fun eateries and world-famous beaches. Combine that with a strong job market and there's a great recipe for successful people to grow and grow while loving where they live.
And that's what people want from their homes. A place to live that's exciting and comfortable, while also manageable when it comes to the continued costs. Sure, some Gold Coast real estate comes equipped with a dry dock or three movie cinemas and enough underground carparking for 20 luxury vehicles, but CoreLogic RP Data reports that the median dwelling value in Brisbane and the Gold Coast is just $538,030.
This figure is a serious drop on Sydney's $955,290, and the lifestyle on offer in the region could be far more accommodating to relaxation.
A media release from the Commonwealth Bank on 16 May, however, outlines the ways that Australia is transforming, and the Gold Coast could be experiencing some big changes.
What's in store for Australia?
The property market will undergo some drastic shifts that, for some, will be great news.
"Commonwealth Bank has identified the major trends shaping Australia's housing market by 2030 to assist home buyers in understanding how the property market is evolving over time," said Michael Workman, a senior economist at CommBank.
"Whether you are looking to buy your first home, or make a new investment purchase, understanding future market trends can help you make a more informed decision about where, what and when to buy."
You may well be about to sell a house on the Gold Coast, but waiting a few years could be your best move financially. That's because, as the population of the country continues to swell, homes will be in higher demand and so prices will rise.
The CommBank Future Home Insights shows that by 2030, the population of Australia will reach 30million. At the moment, it stands at just over 24million, so there will be a significant influx into the major cities and regions.
Adding to this, a massive 89 per cent of people living in the country reside in cities or other large metropolitan areas. The regions are less popular, and so the Gold Coast is going to see a lot more competition on the buying front over the next decade. That's fantastic news for anyone wanting to sell and make capital gains.
What sort of homes are becoming popular?
The CommBank media release also went on to show which types of properties have become more sought after. Multi-unit dwellings that offer smaller housing options make up half of the nationwide investment in new homes. They are cheaper to live in and more energy-efficient, so people see them as beneficial on many levels. One-person units are also becoming more popular on the back of higher average ages for people getting married – as people get older, the pull to live alone and have personal space becomes much stronger.
Couple that with the fact that the Australian renovation industry is set to have $32billion coming in this year, and you've got a modern property market that's catering to the actual needs of people who are buying.
Even if you're looking at a Gold Coast rental property, it's becoming more likely that you'll find the perfect place as more options are made available on the market. It's really good news for everybody.
Thinking about buying yourself a piece of Gold Coast property or even getting into a different rental with this information in mind? Get in touch with Ray White Surfers Paradise for a brilliant selection of available options right now.