Issue 09 | Thursday 6 May 2021 | A Launchpad for the Gold Coast
Hi, Andrew Bell here with you once again sharing my knowledge and experience gained from 40+ years in the industry, and most particularly at the forefront of the Gold Coast’s property market for the past 30-years.
I am also incredibly passionate about our city. That experience and passion have led me to be invited onto several key bodies that are in place at present to help capitalise on the incredible position our city finds itself in as a result of COVID-19, but it also gives me the benefit of having greater insights to share with you. We are not a new start-up operation or a business that has only opened in the last four or five years, but indeed one with a wealth of knowledge and experience that I take as a huge responsibility to be a trusted advisor. Just under 60 percent of our business comes from repeat and referral clients and I am aware that the other 200,000 people who receive this fortnightly market update want accurate and competent insights into the Gold Coast property market so they can make good decisions.
With that in mind, the Gold Coast is in the most unique position it has ever been in. We are truly moving from just being a favourite beachside tourist location to a genuine city with all the key components that make it sustainable. This is the ending of our boom/bust cycle.
However, there is work to be done and it needs commitment from Federal, State and Local Governments. Not just a commitment, but a genuine working cohesion.
The 2018 Commonwealth Games set us up for where we are now. Over $16 billion was invested into major infrastructure, improving our roads, transport systems, shopping centres, and a whole lot more. We became a vastly more attractive city and even before COVID-19 migration was picking up. Now, off the back of COVID-created decentralisation, we are one of many non-capital city locations, and particularly coastal locations, that people want to move to. However, we must keep growing the infrastructure to support the city, we must expand our industries, and we must broaden the arts and culture of our city. We are well-positioned, but there is plenty to do.
We have learnt from the past that we can easily attract people to move here, but we must do a lot more to make the city one where they can get a job, where they can educate their children, where there is a diversity of cultural activities, great shopping and food outlets, and so on. We now hear of people who moved to the Gold Coast last year but who are returning to their interstate base. I can assure you we have irreversible momentum here on the Gold Coast, but with plenty to do and so I will continue to work with the Government, industry, and community bodies to get that work done as soon as possible.
From a real estate perspective, we are in the best position the Gold Coast has ever been in. We have benefited from the strongest growth in price over the past six months that any of us have ever experienced. A slowdown in the price growth will give us a more sustainable market moving forward without the major price correction that follows a boom. We are bringing more supply on which will help to meet buyer demand, although nowhere to the level needed, and as the economy around Australia picks up and COVID is under control there is less of a rush for people to move here, so we are starting to get back into a more realistic and sustainable supply and demand situation.
We are in great shape with great promise. It just must be managed well. However, talking hype and not doing anything about the foundations would be our undoing, so working with other very experienced leadership and at a Government sort of level, I am trusting with the election cycle as it is we are in a great position and we have the best opportunity ever
While the city continues to surge, we know there are real estate markets driven by a host of factors which I have often touched on in my reports. There is a start and a finish to every market cycle and there will be with the current one, but that does not stop our city from continuing to build strong foundations for the next one.
We have some important stats to share with you in the weeks ahead. Until then, let’s keep loving our city, continue to have a huge appreciation for what we do have, and spend a lot less time on the glass half empty side of life. See you in a fortnights time.
Andrew Bell, OAM
Chief Executive Officer
The Ray White Surfers Paradise Group