Gold Coast property experts are preparing for a sales rush this summer as interstate buyers line up for Queensland’s borders to reopen.
It comes as property commentator Terry Ryder’s latest report pinpoints the Coast as the nation’s strongest regional market.
“The Gold Coast is definitely taking the lead with its market thriving from big city buyers seeking to escape multiple periods of pandemic restrictions from the likes of Melbourne and Sydney,” Mr Ryder said.
His new Queensland Regional Report lists regional Queensland as the nation’s standout with the Gold Coast on top.
Although the summer selling period on the Gold Coast is already traditionally red-hot with holiday-makers and locals making the most of the weather, experts say the border reopening will be the cream on top.
“A lot of buyers are preparing to come here and inspect properties,” Rose & Jones director and Gold Coast buyers’ agent Oliver Dunstan said.
“A lot of people are predicting late December, January and February to be bonkers up here.
“We fully expect to see a rush.”
He predicted interstate migration to continue to push prices up.
“It you’re selling in Sydney for between $2 and $3 million, you’re still going to see quite supreme value up here in that bracket.”
“We’re still seeing very strong prices in our market – the legs might not be gone just yet.”
REIQ Gold Coast zone chair Andrew Henderson shared a similar view.
“The market definitely could have some more growth to it,” Mr Henderson said.
“While those larger factors of low levels of supply, good levels of migration, cheap interest rates, a change in technology and software to work form home, a place like the Gold Coast could see an extended period of growth going forward.”
InvestorKit founder and head of research Arjun Paliwal said low stock would continue to push up prices but the pace of growth may slow.
“The significant stock shortage in the Gold Coast is pushing house prices up, as buyers from Sydney and Melbourne consider a sea-change and shift in lifestyle during the pandemic and others bring forward their retirement plans.
“While house prices in Surfers Paradise and Broadbeach – Burleigh surpassed the $1 million mark a few years ago, with Coolangatta fast approaching, many other regions in the Gold Coast remain quite affordable.
“In saying that, the market pressure in the region will see house prices continue to rise over the next 12 months, but the pace of growth may slow as sales volumes decline slightly in some areas and listings increase.”
*Original article source realestate.com.au