Residential values and sales volumes are rebounding on the Gold Coast as new research points to a healthy post-GFC upswing underway on the Glitter Strip.
The figures from RP Data’s regional market update reveal the city recorded 18,123 residential sales in the year to May 2014, up 25 per cent on the previous year and almost 20 per cent above the five-year average.
Values are also heading north with the median house value up 7.3 per cent to $514,000, and the median value for units rising 7 per cent to $345,000 for the year to June 2014.
Ray White Surfers Paradise CEO Andrew Bell said the five years of the GFC represented one of the most sluggish periods in some time for Gold Coast real estate.
“But then we started to rebound in 2012 and confidence came back to the market,” he said.
“The period when market confidence was low created five to six years’ worth of pent-up demand which we are seeing now that the market has turned.
“We are also seeing people with the confidence to buy higher priced development stock in projects like Oracle and Soul, both of which have just a handful of apartments left.”
Mr Bell said the city’s tourism industry had played a key role in the revival of market activity.
“We’ve had a great tourist season which has led to a lot of domestic and international visitors investing here, some with the view to migrating.
“In the past 12 months our office has sold more than 300 properties to Asia-based investors, which shows that the Gold Coast is firmly on their radar.”