Market News Archives - South Coast Project Marketing

Gold Coast house prices are expected to keep climbing despite national downturn

THE Gold Coast property market is tipped to defy a national housing downturn led by Sydney and Melbourne.

A new housing value forecast report by CoreLogic and Moody’s Analytics predicted Gold Coast house prices would continue to climb off the back of steady growth over the past two years.

Prices on the Glitter Strip are expected to rise 2.2 per cent in 2019 followed by a further 3.6 per cent in 2020.

Nationally, prices are tipped to drop three per cent this year before climbing 2.2 per cent next year.

According to the report, the Gold Coast was among Queensland’s “lifestyle” areas, which included the Sunshine Coast, Wide Bay and Cairns, that were expected to perform well.

“Areas here are expected to perform better over the forecast period, as income growth remains robust and the degree of supply increase is not as great as in areas of Brisbane,” Moody’s Analytics economist Katrina Ell said.

“Moreover, the lifestyle areas are buoyed by overseas tourist demand, which has remained strong on the back of the falling Australian dollar.”

The report paints a much more positive picture for the Coast than Sydney and Melbourne, which are expected to continue to decline.

Dwelling values are predicted to fall 3.3 per cent in Sydney and by as much as 6 per cent in Melbourne on the back of declines in inner-city areas.

REIQ Gold Coast zone chairman Andrew Henderson believed the Gold Coast would outperform the two eastern cities.

“Sydney and Melbourne have had significant years of growth at a pretty high trajectory of increase each year,” he said.

“On the Gold Coast we’ve seen an increase but nowhere as steep a trajectory as Sydney or Melbourne have seen.

“Also when you look at the population growth here, that will be where our advantage lies.

“People still need somewhere to live and while they keep moving here they should aid that growth.”

He also said the Coast’s lifestyle was a big drawcard.

“People moving to the Gold Coast traditionally came here to retire or work in hospitality,” he said.

“Now all age groups are coming, people can run businesses from home.

“You don’t need to be in the office every day.

“You’ve got the airport and can be in Sydney in an hour.”

This article originally appeared on realestate.com.au

Maturing Gold Coast Apartment Market No Longer ‘Boom and Bust’

The apartment market on the Gold Coast, long known for its ‘boom and bust’ reputation, has
reached a healthy balance according to property experts.

Real estate firm Knight Frank have underlined a market in transition, becoming more solid and reliable due to continued population growth and changes in market focus in recent years.

The latest Knight Frank Australian Residential Development Review 2018 found apartment stock on the Gold Coast is being built to cater for owner-occupiers, with a move towards larger apartments with more bedrooms.

It found two-bedroom apartments have been favoured in developments built between 2014 and 2017, making up 43 per cent of total stock.
Banks and the developers they lend to have also been careful not to oversupply the market with product as has been the case in previous cycles.

A shift towards smaller developments has also created less supply enabling buyers more time to make decisions, and this, along with growing long-term demand, has led to more stability.

“While there will always be a market for the larger developments because of the amenity they provide, the emerging trend for smaller developments has resulted in a more balanced market and given the buying public a real choice,” Knight Frank director and head of project marketing in Queensland Chris Litfin said.

“With the steady increase in population on the Gold Coast and the ever-increasing downsizer demand from retirees, the result is a very stable property environment.”

An array of smaller projects have successfully navigated the changing market to provide high-quality boutique developments.

Recently, Brisbane-based developer Synergy Property Partners completed NORTH Residences in Burleigh, a nine-storey apartment building comprising large whole-floor living.

“It ticks all the boxes for affluent buyers looking for quality, new beachfront product on the southern Gold Coast,” Selling agent Jamie-Lee Edwards of Kollosche Prestige Agents said.
The market will also benefit from the proposed $30 billion development pipeline in the wake of The Commonwealth Games.

More than 250 projects rolling out over multiple sectors including residential, transportation, tourism, retail, health and services.
They include the $615 million third stage of the Gold Coast Light Rail, $500 million Westfield Coomera Town Centre, the $385 million Gold Coast Cultural Precinct, and the second stage of the Gold Coast Airport’s $300 million masterplan.

This article originally appeared on The Urban Developer

THE Gold Coast property market is tipped to defy a national housing downturn led by Sydney and Melbourne.

The apartment market on the Gold Coast, long known for its ‘boom and bust’ reputation, hasreached a healthy balance according to property experts.

The apartment market on the Gold Coast, long known for its ‘boom and bust’ reputation, has
reached a healthy balance according to property experts.