Will South East Queensland Maintain its Hot Property Status?
With the rumble of recent interest rate rises being felt across Australia, how will regional property markets fare?
We look to the sparkling Gold Coast and popular South East Queensland market to see what’s looming for this real estate hot spot, and how to make the most of opportunities on the horizon.
Checking in with the latest figures, things are not all doom and gloom.
Our Gold Coast property update for November reveals a quiet optimism for the market’s future.
And here’s why:
Capital city versus regional market falls
While Australia’s capital cities face their most significant property market falls since the GFC in 2008, many regional areas are beginning to follow suit, but with much more restrained reductions to date.
PropTrack Home Price Index shows national housing values have fallen with Australian Capital City property values down by -4.38% from the peak. By comparison, regional dwelling values have seen a modest -1.84% fall from the peak.
With further interest rate hikes predicted, both capital city and regional markets face challenging times ahead. But, boasting an enviable lifestyle and easy commute to Brisbane, the Gold Coast property market is well-placed to weather this financial storm.
Capital city versus regional market growth
CoreLogic data indicates Australia’s regional dwelling values were up 41.1% from pandemic trough to pandemic peak, compared with an increase of 25.5% for capital city dwellings over a comparable period.
Research Director, Tim Lawless attributes the stronger growth to a significant shift towards ‘commutable regional markets’ as Australians embrace working from home.
The Gold Coast is perfectly positioned to take advantage of this trend.
With choppy waters ahead for the Australian property market, Lead Buyers Agent, Daniel Di Mascio from Queensland’s Urban Buyer explains the Gold Coast property market strengths, and predictions of South East Queensland’s relative market resilience.
Gold Coast property market insights
After 2 years of breath-taking capital growth, how is the Gold Coast positioned for the predicted market easing ahead?
Prime lifestyle locations have the advantage when it comes to weathering interest rate rises. The Gold Coast is an excellent candidate for regional resilience with lifestyle, a strong local economy and capital city proximity in its favor.
With direct flights from both Sydney and Melbourne, South East Queensland has seen significant domestic migration with thousands moving to the region each year in pursuit of desirable waterside living. Gold Coast Mayor, Tom Tate, is expecting the city’s population to reach one million by 2036 – five years earlier than predicted.
Gold Coast property market strengths
The Gold Coast and South East Queensland real estate market are underpinned by:
- A strong local economy
- High levels of domestic migration
- Low unemployment
- Idyllic lifestyle and climate
- Value for money
- Work-from-home culture
- Infrastructure spending
With $20 billion worth of infrastructure spending ahead of the 2032 Olympic Games and further projects in the pipeline, the Gold Coast’s economic future is full of promise.
Home to major university campuses, international sporting facilities and an abundance of entertainment options, the Gold Coast continues to present excellent buying for investors and homeowners alike.
Gold Coast Property Market Update: Heading towards a Buyer’s Market
So, we’re heading towards a buyer’s market.
Are you ready to make the most of these market opportunities?
‘Smart investors understand cycles,’ Urban Buyer’s Daniel Di Mascio explains, ‘and with interest rates currently on the rise, identifying strong investment opportunities is essential. As the market focus shifts from vendors to buyers, conditions will suit savvy investors and home buyers looking to purchase real estate on the Gold Coast.’
If you’re interested in building your Gold Coast property portfolio or buying your perfect home in South East Queensland, Urban Buyer is here to help.
We find the perfect property for your situation.
Talk to an experienced buyers agent today. Call us direct on 1300 828 937
Article by Daniel Di Mascio – Licensed Buyers Agent and Property Specialist
Daniel holds a Bachelor’s Degree in Building, graduating with Honours, and a Masters Degree in Law with a major in Alternate Dispute Resolution, both of which were obtained from the University of Technology, Sydney.
This coupled with his practical experience as a builder, developer and lawyer, provides a solid knowledge base for well-researched and negotiated property opportunities throughout Australia.