Uncover the Gold Coast's Booming Property Market: Exclusive Insights You Can't Miss!
17th June 2024
With much of the real estate commentary centered on Australia's major capital cities, it’s refreshing to shift the spotlight to the Gold Coast’s vibrant property market. This week, we found an eye-opening article, "Market Pressure Review: The Gold Coast in 10 Charts," that offers a comprehensive overview of this dynamic region.
Why the Gold Coast is Stealing the Spotlight
The Gold Coast, famed for its stunning beaches, lush rainforests, and world-class amenities, has become a top destination for both tourists and migrants. In the fiscal year 2022-23, the Gold Coast ranked #4 in net overseas migration and #2 in internal migration among all regional cities. Despite rising affordability issues, the Gold Coast’s property market continues to thrive, both in sales and rentals.
Key Insights from the Market Review
Population Surge and Housing Demand
The Gold Coast’s population is booming, driven by internal and overseas migration. This surge is expected to fuel further housing demand in the coming years, even as the city grapples with affordability challenges.
Economic Vitality
Despite a slight rise in the unemployment rate, the Gold Coast boasts an extremely low rate of under 4%, reflecting a thriving job market. The number of job vacancies remains significantly higher than the past 10-year average, underscoring the region’s robust economy.
Rising House Prices
The median house price on the Gold Coast reached $1.16 million by March 2024, up 7.4% from the previous year. The inventory of for-sale houses is declining, with an average selling time of just 55 days, indicating strong market demand.
Rental Market Pressure
The rental market is under high pressure, with vacancy rates below 1% and rental prices rising by 7.5% annually. Despite high rental prices, the rental yield remains competitive compared to other regional cities.
Future Outlook
The Gold Coast property market is expected to maintain its growth trajectory over the next 6-12 months, driven by limited supply and strong population growth. However, affordability constraints may slow down this growth in the medium term, similar to trends observed in other major cities like Sydney.
For a detailed look at these insights and to understand the forces shaping the Gold Coast property market, check out the full report.
This blog provides a compelling overview of the Gold Coast property market, highlighting the region's strengths and future potential. For further insights, explore the full report and stay informed about this thriving market.