The Gold Coast property industry is enjoying a fresh wave of confidence, prompted by strong population growth and increasing tourism figures and sales volumes, according to the Colliers International Property Watch report.
The report says although challenges remain, conditions are positive for buyers who can buy while property prices are lower and construction costs are still down. Colliers International research manager Lynda Campbell, who compiled the report, said buyer confidence reached a low point following the economic difficulties over the past few years, with all sectors having reached their lowest volume of sales towards the end of 2008. “Sales volumes across houses, units and land have since increased as confidence continues to return, albeit slowly,” she said.”Our research shows that in the six months to December 2009, the residential market showed resilience, with Gold Coast median prices for units, houses and vacant land continuing to rise from the previous six-month period.”It appears that we have found the bottom of the residential market across all sectors.”
The report found that the median cost of a detached house on the Gold Coast in the six months ending December 2009 was $495,000.This figure was only $5000 less than the peak of $500,000 and represented an increase of 29 per cent from five years ago. The median cost of a residential unit on the Gold Coast during the same six-month period was $380,000, representing an increase of 29 per cent from five years ago.
The Queensland Government’s Population Growth Highlights & Trends Queensland 2010 report reveals the Gold Coast was the second largest growing statistical local area in Queensland in terms of population, with an increase of 15,643 residents in the past year. Project marketing director Brinton Keath said the average population increase on the Coast over the past five years had been 15,900 residents per annum. “This population surge bodes well for the Gold Coast, given analysts predicted that the number would fall below 15,000,” he said.”Such a positive result again highlights the total lifestyle benefits of the Gold Coast and why it is one of the most popular cities in Australia. “At this rate, by the year 2031 the Gold Coast is projected to be home to more than 788,000 residents.”Increased tourist numbers are … pleasing for market activity.”Having such strong growth in the holiday market will only help to secure more investment-style buyers within the wider marketplace. “There is such a critical under-supply of new apartment investment-style stock within … Surfers Paradise and Broadbeach and such growth will only help to give developers more reasons to enter back into this current gap in the market.”
via Gold Coast rebound signs strong Real Estate | goldcoast.com.au | Gold Coast, Queensland, Australia.
