Whilst the Gold Coast’s property market is set to continue its success from 2021 through 2022, the market’s growth is expected to be more moderate than the previous years.
A standout aspect of 2021 was the increase in Australian buyers investing in Gold Coast properties. According to expert research, in 2021, just 4 percent of buyers on the Gold Coast were from overseas. This differed starkly from the pre-pandemic figures, which saw overseas buyers making up 25 percent of buyers in the Gold Coast.
This comes as buyers from southern states like New South Wales and Victoria are increasingly looking to migrate to sunny Queensland. In light of the pandemic, many Australians have been re-evaluating their lifestyles, which has seen them favouring the cool, beachside atmosphere that the Gold Coast provides.
Data from CoreLogic showed that from July 2020 to July 2021, the average Gold Coast apartment price increased by 22%. Other research revealed that the most substantial increase in price occurred in Broadbeach-Burleigh, which saw an increase of 38.2%. Coolangatta and Surfers Paradise also saw substantial price increases in 2021, with Coolangatta at 21% and Surfers Paradise at 18.9%.
The smallest increase in prices were seen in Gold Coast North, at 11.2%, Robina, at a 13.4% increase and Ormeau-Oxenford at 13.7%. Vacancy rates are also suggested to have been at less than 1% throughout 2021.
Projections for 2022
The property boom that the Gold Coast saw in 2021 is projected to continue into 2022. However, the pace of growth is likely to slow when compared to 2021.
The strong demand for property in the Gold Coast is projected to maintain, as the migration of buyers from other Australian states continues. As developments continue to be built on the Gold Coast, it’s also unlikely that prices will drop any time soon.
In addition to existing buyer demand, many experts have noted upcoming projects may also make the Gold Coast property market more appealing to buyers.
Nerida Conisbee, Chief Economist at Ray White, suggests that as job growth continues and borders begin opening in addition to preparation for the upcoming Olympics, demand for homes in the Gold Coast looks set to continue. Other developments, like Stage 3 of the successful light rail project, will see a massive infrastructure boost in the Gold Coast. This may boost the number of development sites between Broadbeach and Burleigh Heads.
New developments like Pacific One, 123OBR and Victoria & Albert are three of many architecturally stunning developments on the Gold Coast that are currently available to off-the-plan buyers looking to make the most of the strong market.
Overall, the Gold Coast property market is projected to see continued success in 2022. Whilst prices may become somewhat more stagnant, experts are assuring growth for the year ahead.