The Gold Coast property market is soaring with many suburbs showing double-digit price growth, a new report reveals.
With prices continuing to increase, it has been predicted the median price for a house on the Gold Coast will exceed $650.000 in the near future. This would see the highest digits for the city in three years according to the Qld Property Investor.
These numbers combined with interest rates at an all-time low, people are now experiencing an ideal buying scenario for those wishing to invest in the region.
According to property investment adviser Andrew Wegner, the Gold Coast’s current house values and high rental yields is making for an appealing investors market alone. A predicted strong population growth and improving infrastructure is also helping grow developers confidence.
The popular coastal city in south-east Queensland has experienced exponential property value growth over the past few years. Last year, the city’s house prices saw an increase of 2.7 per cent in city’s eastern suburbs and a whopping 6.8 per cent in the Gold Coast hinterland, according to a report by Domain.
In January this year, the Real Estate Institute of Queensland released new data showing an almost 50 per cent median price growth for Hope Island alone. At the same time, the northern growth corridor also saw a big jump with the suburb of Ormeau experiencing a growth rate of 14 per cent from the previous quarter.
According to REIQ Gold Coast Zone Chair Andrew Henderson, the northern corridor is becoming one of the most popular areas in the city. This is largely due to the proximity to Brisbane and major infrastructure developments, while still offering the “Gold Coast lifestyle”.
One of the most expensive suburbs in all of Queensland is Mermaid Beach. According to Domain’s last quarterly report of 2019, the popular beach suburb presented a median house price of $1.455 million.
Pre-Purchase Property Inspections
According to experts, the year is already shaping up to be a great one for Gold Coast property owners, investors and buyers. If you are looking to invest in a property in the Gold Coast region or anywhere in Australia, it is essential to know the condition of that property prior to buying.
A pre-purchase building inspection is a visual appraisal of the condition of a property, identifying existing defects or areas of concern. We’ll provide you with a comprehensive report so you can be confident that the home you’re purchasing is a great investment.
Want more property news? Read our Brisbane article ‘Brisbane House Prices: What’s Hot In 2020?‘