The Gold Coast property market is offering good real estate opportunities in the short to medium term as Sydneysiders look to cast their property investment net wider to more affordable and more strategic markets.
According to Mark Ludlow from the Financial Review says Southern investors are looking north to the Queensland property market as Sydney and Melbourne markets become too expensive to gain a foothold.
Despite a flat jobs market in south-east Queensland as the mining boom comes off the boil, according to BIS Shrapnel the Brisbane Gold Coast median house price of $475,000 is looking a lot more affordable than Sydney ($900,000) and Melbourne ($527,000).
Furthermore, the property market on the Gold Coast is being stimulated by major infrastructure projects. These projects include the biggest event in Australia for a decade, the Commonwealth Games to take place in 2018, the development of the Southport CBD as well as the key developments like The Jewel development in Broad beach, which will become Australia’s largest and most luxurious hotel and residential complex, it is easy to see how these and other major developments are set to drive the market of the medium term.
CCC Realty Nils Turner said, “It is encouraging to see positive signs in the Gold Coast market. With the Sydney market now overheated we are receiving more enquiries from investors from the Sydney area. This is because the Gold Coast and more specifically the Southern Gold Coast represent good value. We are seeing good outcomes for buyers and sellers alike in the Currumbin and Palm Beach area.”
BIS Shrapnel’s Residential Property Prospects, 2015 to 2018 report forecasts price growth of 13% on the Gold Coast over the three years to June 2018.
Nils adds, “There’s lots of activity going on around the coast with plenty of infrastructure going in or being upgraded and that will benefit us up to and beyond the Commonwealth Games in 2018.
One of these projects includes the announcement of the $1bn mixed-use Pacific View Estate. According to the Queensland Government the estate is to be built in the Gold Coast suburb of Worongary and has the potential to contribute up to $3.2bn to the local economy as well as create 3,500 houses and apartments as well as providing more than 2,700 jobs.
But like many other investment products, property goes through cycles also and Simon Pressley from Property Observer says he expects the Gold Coast market to surprise many pundits and become one of Australia’s best performers during 2015-2017 and significant oversupply is expected again in a few year’s time. Areas with a high concentration of new supply will include Southport, Coomera and Labrador.
For more information about the Southern Gold Coast real estate market or a complimentary no obligation property appraisal, contact CCC Realty Principal Nils Turner today.