Issue 8 | Thursday 20 April 2023 | Gold Coast Real Estate Booms with Million-Person Migration Forecast
The Gold Coast real estate market stands out from most others in Australia due to the area’s continued population growth and migration. In contrast, many parts of the country are currently experiencing a significant correction in their real estate prices as they struggle with little demand and an increasing number of sellers with mortgage repayment difficulties, resulting in more motivated and perhaps even desperate sellers.
Recently, an article circulated in Queensland predicting that there will be a million more people moving to the state between now and the 2032 Olympics. This expected population growth is unparalleled in other parts of Australia, and together with the influx of 400,000 overseas migrants over the next two years, is driving demand for housing on the Gold Coast.
The acute housing shortage on the Gold Coast is supporting the real estate market both in the medium term and right now. In-room auctions last Thursday set record results for the country, with 16 out of 18 properties attracting between 2-16 registered bidders and 14 selling on the day. Two of the properties sold $500,000 over their reserve price, creating an exciting atmosphere in the room and demonstrating the Gold Coast’s popularity as a thriving marketplace.
It’s essential to recognise that the national media’s average performance does not always reflect the individual market performance. While many markets may be struggling, the Gold Coast remains a stable and robust market. Many buyers may miss opportunities believing what they read or hear in the media is a reflection of the Gold Coast marketplace.
For those experiencing pressure from higher interest rates and living costs, there are record levels of refinancing around the country. Your bank may charge a loyalty tax, making it more cost-effective to switch to a competitor with a better interest rate. Check out our loan market operation, the second-largest financier in Australia, for the best rates possible.
Lastly, there’s an exciting commercial opportunity in Mount Tamborine, one of the hottest markets on the Gold Coast. The area’s popularity among interstate migrants, who prefer acreage properties, has made it a bustling commercial center. Lee Kernaghan, an iconic Australian country and western singer, has had a stake there for over 10 years and is now selling his interest to invest in a new venture. The Gold Coast’s leading patisserie is the anchor tenant, and with its prominent position on Gallery Walk, it’s always going to have strong tenancy demand. If you’re interested, check out the marketing of the property by Peter Laodikos from our office.
In conclusion, the Gold Coast remains an ideal location to live or invest, and we wish you all the best, wherever you are in the world.
Andrew Bell, OAM
Chief Executive Officer
The Ray White Surfers Paradise Group
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