As you may know – Gold Coast property has had its ups and downs. Happily, during 2017 and the following years the sunny city's property market is anticipating huge growth, attracting countless new residents and investors.
There's no better way to start a new year than with a healthy dose of positive news – so we've looked at three reasons why the Gold Coast might just be the hottest market in the country this year.
1. Prices are predicted to continue increasing
Sydney's recent property boom has been unprecedented, with growth over the last few years that has rarely been seen in Australia. Industry experts are suggesting that the Gold Coast could be about to experience a similar boom and information from both CoreLogic RP Data and the NAB backs these claims up.
Corelogic's Q3 regional market update identified both the Gold Coast and the Sunshine Coast as standout performers in terms of price growth for the future. The update stated that both house and unit prices were expected to see solid increases.
NAB's 2016 Q3 residential property market survey made similar claims, identifying the Gold Coast as one of three suburbs expected to experience higher than usual growth over the next 12 months. Investors are already flocking to the city, and with all the noise around future growth prospects, property investment is likely to continue increasing. This will only contribute to rising demand and house prices, aiding the city's already stellar growth.
Sustainable Development Gold Coast President Bryn Lummus expressed bright hopes for the future of the city, in a comment to the Gold Coast Bulletin in March 2016:
"Sydney and Melbourne have seen strong growth over a number of years and in a very typical cyclical fashion this leaves Gold Coast property being a very attractive proposition comparatively."
2. Government expected to stimulate property market
Without adequate government intervention, infrastructure and housing supply often suffer in times of massive growth. Luckily the state government is fully aware of this fact, publicising a plan for the future of both the Gold Coast and Queensland, entitled 'Advancing Our Cities and Regions'.
The plan is already in action and will ramp up coming into 2017, as it aims to accomplish the following objectives as well as several others targeting infrastructure improvements:
- Improve housing diversity.
- Innovate housing design, materials and efficiency.
- Develop new funding models for social housing.
- Ensure visions and plans have market appeal.
- Develop delivery models to attract investment and financing, or secure joint venture partners.
In a 12 January media release Property Council Queensland Executive Director, Chris Mountford praised the plan, describing the positive impact it has already had:
"The new strategy demonstrated that the Government is ready to transform their land holdings into exciting new development projects, which will not only create jobs and boost economic activity, but also generate exciting new urban spaces for local communities. The property industry sees this initiative as a good catalyst for future investment and has clearly had a positive impact on confidence."
3. Population growth to increase
The Gold Coast's population growth is expected to continue in 2017, increasing housing demand and contributing to the vibrancy of the city. Shaping South East Queensland, the state government's plan for the future of the region, forecasted that by 2041 the Gold Coast's population would almost double to 928,000.
Apart from adding diversity and excitement to an already busy city centre, this increase could grow the region's housing market and continue pushing prices up.
As you can see, The Gold Coast is starting to really take off. Both investors and those looking to move home, should look closely at this exciting regional centre as few places in the country are thriving like this!