The Urban Developer’s latest Gold Coast housing market insights reveal the city’s property prices have increased by nearly $400 a day in the past year - resulting in more than 30% increase in some suburbs.
The Gold Coast property market has gained substantially from the lockdowns in NSW and VIC - the lifestyle restrictions and long-term work from home conditions spurring buyers to look north for a lifestyle upgrade.
Hotspotting reports similar trends in nearby Brisbane, with the suburb also witnessing an increase in interstate migration. Most people have been attracted to the lifestyle, Brisbane’s affordability and its track record in keeping the pandemic at bay.
Another factor bringing in interstate migration is Brisbane’s elevated infrastructure spend, which is creating economic activity and job opportunities.
The latest survey from PIPA indicates that Brisbane is the top choice for Australian property investors planning their next move. Brisbane’s vacancy rate is significantly lower than either Sydney or Melbourne’s - making it ideal for investors.
CoreLogic data shows that the average Gold Coast house prices have increased by 22% between July 2020 and 2021 - outpacing more established cities, including Adelaide, Darwin and Perth. In the 12 months leading to March 2021, the average price of new apartments has increased by 23%.
The median price for a Gold Coast apartment is now $545,000, with many new buyers planning to split their time and lease their new unit to holiday-makers while they are in the city and spend part of their time working from the beach.
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