But there’s better news for home owners on the Gold Coast. Insurance provider QBE has predicted house prices to rise 6 per cent to 2020 to a record median house price of $665,000.Jacqueline from Savvy Fox Property Buyers Agent stated “The strong property growth was a major milestone for the Gold Coast. She said the driving forces behind the increase was population growth and employment.”With experts predicting the only way for the Gold Coast property market to go is up, let’s consider some of the main Gold Coast property market drivers.
More Construction = More Jobs
Low Australian Dollar = Increased Foreign Interest
In recent times, the low Australian dollar has attracted more foreign visitors and investors. More people are opting to travel within Australia and particularly to the sunny Gold Coast for a cost effective holiday.The low Aussie dollar also makes Australian property appear comparatively cheaper to foreign investors which is resulting in many seeking out a bargain. Whether we like it or not, foreign investors are buying our property and investing in major developments. This supports job growth and continues to increase demand.
Gold Coast Population Expected to Double by 2050!
A leading demographer, Bernard Salt has stated that the Gold Coast needs to prepare for a population of 1.2 million people by the year 2050. The 2018 Commonwealth Games provided good infrastructure and promoted the city to the world but he says he is looking further into the future.“Sure the Commonwealth Games is important and will deliver and extraordinary legacy and impact for the Gold Coast but we want more” he said.“We want a Gold Coast in 2050 that has a diverse economic base.”This could mean dozens of new schools, more shopping centres and hundreds of extra hospital beds could all be on the horizon for the future of the Gold Coast.
Is the Gold Coast Property Market Tipped for Success?
Population growth, increased job opportunities and the low Australian dollar have all contributed to a better performing Gold Coast property market. With industry experts expecting the Gold Coast to see strong continued property market growth, now may be a good time to consider entering the market while house prices are still relatively affordable.First home buyers should particularly be seeking out an affordable option to get their foot into the market while market conditions are not out of reach. If you’re considering the Gold Coast for your next property purchase, be sure to do your research first and seek professional advice before making any financial decision. Jacqueline Dwyer Savvy Fox Property Buyers Agent.