Real Estate

Gold Coast real estate: The year ahead

Written by The ReReport
As seen in the Source link, written by on 2019-01-05 08:46:59

Aerial view of Surfers Paradise looking inland on the Gold Coast.

WHILE experts aren’t tipping a bumper year for the Gold Coast property market, there is still room for property prices to grow.

A combination of interstate migration, infrastructure and the Coast’s sought-after lifestyle are predicted to help real estate prices on the Glitter Strip although growth could start to stabilise by the end of the year.

rpdata Research Director Tim Lawless pictured in Sydney on Monday.

CoreLogic Head of Research Tim Lawless..

CoreLogic Head of Research Tim Lawless said the Gold Coast property market recorded a stronger performance compared to Brisbane, although growth rates slowed over the past year.

“Similar to Brisbane, we expect these markets to remain in mild positive growth territory over the next year thanks to rising interstate migration rates and ongoing demand for lifestyle properties located close to major airports, amenity and employment opportunities,” he said.

The Coast has a median house price of $655,000, while the unit median price is sitting at $400,000, according to CoreLogic.


REIQ Gold Coast zone chairman Andrew Henderson.

REIQ Gold Coast zone chairman Andrew Henderson predicted owner-occupiers to make up a big percentage of home buyers on the Coast in 2019.

“I think we will see growth here due to continued migration,” Mr Henderson said.

“That is where out advantage lies — people still need somewhere to live and while they keep moving here that should aid that growth in the property market.”

Mermaid Waters was a frontrunner for 2019 among real estate agents because of its central location and cheaper property values.

“You’ve got the waterfront, nice wide canals and generally larges blocks of land,” Mr Henderson said.

“You’ve got good access north, east, south and west, Pacific Fair and the beach is nearby.

“Prices are also considerably cheaper than neighbouring suburbs Broadbeach Waters and Mermaid Beach.”

He said Tugun was a standout because of its proximity to the airport and beachfront while Mudgeeraba would be one to watch in the future for its subdivision potential.

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Ray White Broadbeach Waters — Mermaid Waters principal Mitch Palmer.

Ray White Broadbeach Waters — Mermaid Waters principal Mitch Palmer expected the property market to stabilise by the end of 2019.

“I think we will see the Gold Coast growth moderate this year,” he said.

The first few months will still be an adjustment stage and the second we will see more stabilisation in the market.”

Coomera made up Mr Palmer’s top three suburb picks because of the amount of new infrastucure in the suburb while Mermaid Waters was included due to being under priced when compared to neighbouring suburbs.

“There are suburbs and pockets based on new infrastructure and other key components that are going to support a better property climate in those areas,” he said.