What does the swinging spring market mean for Gold Coast property?
Everybody with an interest in property know that spring is serious business. There are more homes on the market and both buyers and sellers can expect to secure good deals! This is proving especially true on the Gold Coast at the moment, where spring has brought with it a continuation of the upwards trend that has dominated the story of the city's real estate in 2016.
As we continue to march even further into this fruitful time period, we thought we'd take a closer look at just what's influencing the market.
Here comes the sun
It's not just the market that experiences a resurgence in spring – the sun makes its grand reappearance too. Of course, on the Gold Coast the winter months never really get that cold, but when spring returns the region really gets to show off, with mild evenings and gorgeous days, perfect for a relaxing swim at one of the famous beaches. This plays a huge part in the spring boom, drawing in interstate buyers and even foreigners looking for their dream holiday home. After all, there are few things more likely to get buyers falling in love with a property than seeing it drenched in sun and warmth following a long, cold winter in one of the country's other cities.
Similarly, lower interest rates and more reasonable prices than in other big markets like Melbourne or Sydney means that the region holds particular appeal for younger buyers – especially those who might be looking to make their first step onto the property ladder.
Speaking about the wave of interest to the Gold Coast Bulletin, Paul Harland, of Ray White Surfers – Benowa said that "With spring comes a new wave of buyers looking for quality homes and whom want to settle before Christmas and the start of the holiday period."
We might all know that the market booms in spring, but the uplift of the Gold Coast cannot be put down to good weather alone. The single biggest factor in explaining the high levels of interest is undoubtedly the broad development going on throughout the region. At the focal point of this is the 2018 Commonwealth Games, which has set off a chain reaction of infrastructural projects that are creating some serious waves.
From the revamped and expanded airport through to Stage 2 of the Light Rail Project, the entire landscape of the city has been changes by the sporting event, and not just in terms of real estate. The opportunities created by such a monumental occasion translate into more jobs and a significant boost to local industry. Tourism in particular – long the Coast's standout performer – can expect a significant upswing in business as 2018 roles closer.
Thanks to more jobs, the desire to live on the Gold Coast has never been higher, and this can be seen in the property prices. For investors in particular, this represents the sort of opportunity you just wouldn't get in the bigger cities. For example, the suburb of Bundall has experienced a 16.7 per cent increase in median property value over the last year, according to CoreLogic RP Data. This sort of jump is simply immense, and with the market only growing through spring, now may be the time to sell a Gold Coast property if you're looking for a return on investment.
Ultimately, it's difficult to predict exactly to what extent the value of Gold Coast properties will swell. At the moment however, there's certainly opportunities to get in on the ground floor of something sure to grow over the coming years as the population continues to expand.
For more information on all things Gold Coast property, contact Ray White today.