Location, location, location. As the saying goes, location is the most important factor to consider in the real estate business. When you're buying a new property, its value will largely be determined by where it's located; when you live there, your lifestyle on a daily basis depends on your geography. There's nothing more crucial when buying a house than getting the location right.
Financially speaking, it makes sense when surveying the market to get a handle on where there are plenty of homes available. This is basic supply and demand – if you choose an area where there's only one house selling in town, everyone will be competing to buy it, and that will drive the price up. Conversely, if there are plenty of houses listed, it's more likely to be a buyer's market.
So where is the market active today? By zooming in on these key strategic areas, you can be assured of a strong long-term investment opportunity.
Turnover is high on the Gold Coast
When you ask where the market is strongest, the indicator you're really asking about is turnover – in other words, a measure of what percentage of total homes are being sold. A study from CoreLogic recently looked at turnover rates in a wide variety of local areas across Australia, and the results were interesting.
The organisation found that nationwide, 4.9 per cent of total dwellings changes hands between June 2015 and June 2016. This was higher in some areas, though. The Gold Coast boasted one of the highest turnover rates in all of Australia – with 19,612 out of 248,419 dwellings sold, the rate was 7.9 per cent. Noosa, Sunshine Coast and Moreton Bay were also among the Queensland areas that rate high.
It's not hard to explain why Gold Coast real estate numbers are running high. The data from CoreLogic revealed a clear trend – turnover is happening these days in coastal areas that offer glamorous lifestyles. The Gold Coast absolutely fits that bill.
Crafting your real estate investment plan
Are you starting to get serious about investing in real estate? That's great, but it's not a step to be taken lightly. Thorough planning is essential.
According to HGTV, one of the keys to a successful purchase is carefully studying the neighborhood and making sure it's right for you. If you're considering real estate in Surfers Paradise, for example, ask yourself: Is this where I want to live? Is the location convenient for me? Do I fit in culturally?
If you've answered yes to those questions, it's probably time to dive right in and make a bid. Some buyers tend to err on the overly cautious side, timing the market just right so as to get maximum value, but that's not usually worth the risk. The market is unpredictable, and you don't know how long it might take to get the right price. Wait too long, and you risk missing your chance.
We can help you buy your dream house
Once you've decided it's time to buy a house on the Gold Coast, we know exactly where you should turn. By partnering with Ray White Surfers Paradise, you'll get all the resources of Australasia's largest real estate group. One in every 10 properties sold in Australia or New Zealand goes through us. Yours could be next.
Call us today and learn more. Alternatively, you could use our website, which has a unique search feature that helps you filter results by location, property type, bedroom/bathroom preferences and more. Just get in touch, and we can set you off on the journey to a beautiful home.