Early in 2018 Queensland’s population hit five million and it’s expected to continue increasing to 7.3 million by 2036, according to the state government statistician’s office. This impressive growth has reportedly been driven by rising levels of interstate migration from NSW in particular.
Queensland’s population increase is fantastic for its growing economy and lifestyle, but also for its property market. In fact, despite the doom and gloom for markets elsewhere, Queensland and the Gold Coast’s property markets are amongst the best performing in the country.
Property price growth to continue
An impressive 68 suburbs in Queensland recorded double digit value growth over the 12 months to June 2018, according to Real Estate Institute of Queensland (REIQ) data. Areas of note on the Gold Coast, which have also seen impressive growth over the same period, include:
Hollywell: 30.5 per cent capital growth
Hope Island: 15.7 per cent capital growth
Highland Park: 10.7 per cent capital growth
There are countless suburbs throughout the Gold Coast and Surfers Paradise experiencing similar value increases, showing the impressive strength of the entire market in the region. What’s more, property in the Gold Coast and surrounding areas is still relatively affordable despite the growth it’s experiencing.
In fact. the three top performing suburbs above have median property prices of between $570,000 and $810,000 only. This affordability could explain rising levels of interstate migration from NSW, where prices are almost double Queensland’s on average.
The lifestyle and affordability on offer throughout the Gold Coast has been driving population growth.
Rental market tightening
Property investors in Queensland are having a particularly good run, with both capital gains and rental growth picking up in 2018. In fact, demand in the state has increased by 3.7 per cent over the past year, and over 20,000 new properties have been added to the rental market, REIQ data shows.
As of September the Gold Coast has seen an incredibly low vacancy rate of just 1.7 per cent, with median rents of all property types except for one bedroom units trending upward. Despite the tight conditions property managers in the area generally view the market as stable – perfect for new investors or seasoned pros.
If you’re considering buying in one of Australia’s fastest growing markets, whether you’re looking for a home or investment property, get in touch with the team at Ray White Surfers Paradise to get the ball rolling.
Issue 32 | Thursday 21 March 2024 | Exploring Real Estate Trends: From Market Insights to Island Escapes Hello, Andrew Bell here, with plenty to share in this week’s eNews, spanning various fronts. Particularly noteworthy is an incredible private island we’re auctioning under mortgagee terms in the Whitsundays, perfect … Read more
Celebrating International Women’s Day: RWSP Women in Leadership As we gear up to celebrate International Women’s Day on March 8th, it’s an opportune moment to reflect on the Ray White Surfers Paradise’s pride in our commitment to supporting and nurturing women in every aspect of our business. With 89 … Read more