Gold Coast Property Market 2021 – Information For Prospective Buyers and Investors
Gold Coast Property Market 2021 – Information for Prospective Buyers and Investors
The beautiful Gold Coast is a shining jewel in the crown of Queensland real estate. Buoyed by healthy tourism, solid and strong government investment, and the capacity for expansion, this hotspot is one of few in the region that typically sees steady growth. Even in the time of Covid and amidst great uncertainty, this area still offers promise for would-be buyers and investors alike.
Current Gold Coast Market Trends
The 2020-2021 landscape has been a difficult one when it comes to property markets. Uncertainty and panic have led to many regional and metropolitan areas becoming stagnant or experiencing downturns.
Luckily, the Gold Coast tells us a different story. March of this year saw a record high average of median house prices – up a staggering 15.4% when compared to the year before. Whilst the same cannot be said for units (which experienced a slight downturn), this is a key market indicator that growth continues in this holiday destination town.
Some suburbs have seen incredible growth, reaching new sales records across the state. This is excellent news to those looking to invest in and rejuvenate homes in the area – there has never been a better time in the Gold Coast to ‘flip’ a property than now. Whilst buying in at these record prices may be difficult for some, the trajectory of improvement the area is experiencing makes investment a ‘strike while the iron is hot’ situation. Buying in now will pay off dividends in the future in terms of both lifestyle and return on investment. Miami, Surfers Paradise and Mudgeeraba are all ‘suburbs to watch’ in terms of growth.
But why are people flocking towards the Gold Coast? What is it about this glittering destination that is attracting so much interest?
Development on the Gold Coast
There are a number of current initiatives and development programs afoot on the Gold Coast that is seeing the area swell in terms of liveability and futureproofing. There are upgrades to the Pacific Motorway, projects on the Spit (bringing jobs and accessibility into the district), a significant move towards a rejuvenation of local arts and cultural hubs, and the extension of the brilliant Gold Coast light rail service which brings the community together and makes it easier to access night life and entertainment. All of this means jobs and expansion – the key reasons why the Gold Coast is such a success story.
The above initiatives are just some of the reasons why this area is seeing such significant growth. Investments made in the local area are having a knock-on effect on population and further potential growth.
Residential Properties on the Gold Coast – the landscape for investors and buyers
Here we see a much greater swing towards high density living than there is in nearby Brisbane. In 2016, around 40% of dwellings in this area were high density as opposed to close to 25% in the greater Brisbane region. With several large-scale developments underway, even with the uncertainty that 2020-2021 has wrought, these numbers look set to soar.
Given the covetable climate and lifestyle of the area, it should come as no surprise to report that the demographics dictate a slight preference towards this style of living. High rises, apartment buildings and unit complexes make up much of the property landscape.
Stand-alone homes, however, still make up the lion’s share of the population spread, and herein lies the opportunity for the investor. Given the upswing of property prices, and the assumption that these may continue to rise, buying into this growing market now, particularly in the growth suburbs noted, is a wise decision to make.
Population Density and Information about Gold Coast Residents
2016 Census data paints the perfect picture of what life is like in one of Queensland’s most spectacular cities.
At last count, there were close to 570,000 residents of the Gold Coast region. The median age was 39, indicating the presence of many upwardly mobile professionals and families – a hint towards just why so many are making the move and investing in the region. Most workers in this area are full time blue or white collar employed, meaning there is a greater proportion of flexibility when it comes to having money to spend.
The picture is incomplete, however. There is room within this market for you.
Investment Opportunities for Rental Properties
The rental yield in the ‘suburbs to watch’ swings between roughly 3.28 and 4.1%. With many families hustling to get into rental properties close to high quality schools, shopping precincts and entertainment areas, purchasing a property to rent makes for a savvy investment.
Purchasing a rental property comes with its own risks but can reap rewards if undertaken with the right advice and industry know-how.
Getting your foot in the door with Image Realty
As a high-end real estate agency with years of knowledge and experience in the region, we know the Gold Coast property market. Let us help you invest wisely in what is an exploding market, rich with promise and potential.