Gold Coast, Australia, is one of the most popular and well-developed cities in the world. Aside from being a premium holiday area, the coastal city has a lot more to offer when it comes to living and raising a family. With the recent developments in infrastructure and as a result of the recent Commonwealth Games, the Gold Coast is also positioning itself as one of Australia’s investment hotspots. This article will identify the reasons why now is the best time to invest in the Gold Coast property market. If you want to settle down in a popular suburb in the city or just looking to purchase a property as an investment, a Gold Coast buyers agents will provide you everything about that particular area and help you get the best deals.
Reasons to Invest
It is no secret that property on the Gold Coast is highly sought after, but the question is, why? Now is the best time to invest in a Gold Coast property due to the increasing property value with low-interest rates, economic development, opportunities to raise a family, and the spike in domestic tourism.
- Increasing Property Value with Low-Interest Rates
Over the past few years, the Gold Coast has seen exponential growth in property value. Last year, the city’s house prices in eastern suburbs increased 2.7 percent and 6.8 percent in the Gold Coast hinterland. Recently, a September 2020 report says first home buyers increased to 40 percent.
Early this year, reports show that Gold Coast suburbs have recorded double-digit price growth. Real estate experts say that Hope Island alone experienced an almost 50 percent median price growth. The same goes for the suburb of Ormeau in the northern growth corridor. Here, there is a growth rate of 14 percent from Q4 of 2019. This is driven by its proximity to Brisbane and major infrastructure developments while still offering the “Gold Coast lifestyle. Meanwhile, Mermaid Beach, one of Gold Coast’s most expensive suburbs, presented a median house price of $1.455 million in 2019.
With the surge in property value, forecasts say that the median price for a house on the Gold Coast will rise 6 percent, exceeding $650,000 in the near future, the highest in three years.
For first home buyers, interest rates in the city property are at their lowest, and the level of government assistance for them has never been higher. Combined with interest rates at an all-time low, the surging market value for properties creates an attractive buying scenario for those looking to invest in Gold Coast.
- Economic Development
Another reason why now is the best time to invest in a Gold Coast property is the economic development driven by strong population growth and improving infrastructure. As of November 2018, approximately 500,000 people are living in the Gold Coast, making it larger than two of Australia’s capital cities in terms of population.
Its robust economy is being bolstered by the Commonwealth Games as well as foreign investment. Infrastructure development is providing employment to thousands of people, offering many opportunities to expand investment portfolios.
With these, the population of the area as well as levels of foreign interest over Australian dollars are both expected to double by 2050.
- Ideal Location to Raise a Family
Gold Coast’s facilities, the community atmosphere, and the closeness to nature make it an ideal location for raising a family. Its high-end infrastructure facilities, local amenities, and strong commercial market make it possible for professionals to live, work, and play. This metropolitan city is home to renowned schools, hospitals, theme parks, mountain ridges, valleys, and many more.
Purchasing a home with close proximity to schools not only provides you with an array of educational opportunities for your children but also guarantees a significant increase in value for your property as time goes on.
Here are some of the best secondary schools in the city:
- A.B. Paterson College
- All Saints Anglican College
- Benowa State High School
- Coomera Anglican College
- Emmanuel College
- Hillcrest Christian College
- King’s Christian College
- Marymount College
- Palm-Beach Currumbin State High School
- Saint Stephen’s College
- Silkwood School
- Somerset College
- St Andrew’s Lutheran College
- St Hilda’s School
- Trinity Lutheran College
- Spike in Domestic Tourism
The current pandemic prompted more Australians to reevaluate their lives and the way they spend their hard-earned money. More Australians are seeking a sea change now and looking for ways to reduce their mortgages. Due to the better affordability it offers, the Gold Coast property market remains stable and even flourishing. From February through to August, Gold Coast has seen an 18 percent increase in NSW and Victoria’s interstate migration.
Not only that, domestic tourism has surged dramatically as the international border remains closed. Records show that a certain percentage of domestic tourists turn into permanent residents each year by acquiring properties in Gold Coast.
Best Areas to Live In
Beautiful sandy beaches, high-rise buildings, and vibrant nightlife—all of these can be found on the Gold Coast. It is also home to some of the best communities offering excellent facilities, community resources for families, holiday and recreational activities, and all the chilled out, laid back aspects of the Gold Coast that make it an ideal place to live.
Here are some of the best areas to live in the Gold Coast:
- Mermaid Waters
- Runaway Bay
Make the Most of Your Investment
To make sure you are getting the most of your investment and hold it long-term, look for properties that have been designed to cater to the lifestyle of Gold Coast locals. For instance, newly built boutique buildings, which are a few steps away from the beach and with resident facilities like a gym and shared rooftop, offer higher value compared to typical Gold Coast structure that’s mostly built either during the 60s or 70s and with limited lifestyle perks.
Now that you already know the reasons why it is high time to invest in Gold Coast property take advantage of this upswing and continuing positive performance before the price of properties becomes untenable.