If you've got your sights set on buying a house on the Gold Coast, it's important to keep a close watchful eye on the real estate market, watching for any price fluctuations in either direction. And if you've been looking lately, you're probably well aware – prices in recent years have been going nowhere but up.
This can be either alarming or encouraging, depending on how you look at it. On one hand, the increase in house prices means it can be prohibitively difficult nowadays for people to buy homes. If you're a prospective buyer right now, these can be hard times. On the other hand, the recent price increases portend lots of good things for the Gold Coast region as a whole.
The Gold Coast is an epicentre of growth this decade, both culturally and in terms of economic factors and raw population numbers. If you buy real estate now, you'll be getting in on an exciting opportunity, and the value of your property is likely to continue rising in the years ahead.
Prices are rising on the Gold Coast
It's not easy to buy a house on the Gold Coast today – you have to have a pretty penny saved up. The Gold Coast Bulletin recently reported on the specifics – the median value of a residential property in the area went up by 8.5 per cent last year alone, and it's now risen by more than 35 per cent in the last five years.
Mayor Tom Tate was not alarmed by this rise in prices, however; in fact, he was pleased to see the new numbers.
"I welcome the report as it shows the strength of our city's residential real estate market so far as unimproved capital value of land," Mr Tate said.
The median value of a home on the Gold Coast hit an all-time high of $350,000 back in 2007, right before the global financial crisis hit; it began plummeting the following year. Over the last couple of years, we've seen prices inch closer to a record-high level again.
Spending wisely in a competitive marketplace
There are tremendous long-term financial gains you can glean from owning Gold Coast property, but first you have to overcome the challenge of buying that property in the first place. According to The Courier-Mail, one way to do yourself a favor financially in the long term is to save as much as possible for a deposit; if you're willing to pay 20 per cent of the total price upfront, you may be able to avoid large surcharges for lenders' mortgage insurance.
In addition, it's important to look for good deals that don't come with hefty hidden costs. Building and pest inspections, conveyancing services, title searches, broker fees and valuation fees are all little elements that aren't considered in the sticker price of a home, but still might hurt you financially. Find the property that you can afford in its entirety, then commit to it.
Find your dream home with Ray White
The market for real estate in Surfers Paradise might be competitive, but if you have capable real estate experts on your side, it becomes easier to navigate. We have a team of such experts at Ray White Surfers Paradise.
In addition, we have the deepest catalog of available properties you'll find anywhere. We offer over 140,000 properties for sale each year; somewhere in there, you'll find the perfect place for you. Feel free to reach out and ask about the options in front of you.