The Gold Coast, known for its stunning beaches, vibrant lifestyle, and thriving tourism industry, has long been a sought-after destination for homeowners and investors alike. As we move into the new financial year, it is crucial to gain insight into the current state of the Gold Coast real estate housing market and make informed decisions about buying, selling, or investing in the region.
So let's dive in and explore the Gold Coast real estate market conditions in 2023 and offer a forecast for what lies ahead.
Current Market Overview: The Gold Coast real estate market has continued to exhibit strength and resilience in 2023. Despite the challenges, the region has managed to maintain steady growth. Key factors contributing to this positive trend include increased migration and ongoing infrastructure development projects. These factors have helped sustain demand for property and bolster the market's stability.
Gold Coast Residential Property Trends: The residential property sector on the Gold Coast has witnessed consistent growth over the past year. Housing prices have bucked some of the capital city trends and experienced upward momentum, with median prices reaching new highs. This increase can be attributed to the limited housing supply, heightened interstate migration, and strong demand from local buyers and investors. Additionally, lifestyle factors such as the region's natural beauty, amenities, and outdoor activities continue to attract buyers to the Gold Coast.
Forecast for the rest of 2023: Looking ahead, the Gold Coast real estate market is expected to continue its resilient trajectory. Here are a few factors that are likely to shape the market in 2023:
Infrastructure Development: Ongoing infrastructure projects, including the Light Rail extension and the upgrades to the M1 motorway, will enhance connectivity and accessibility within the region. The $1 billion Pacific Motorway M1 project is continuing to be delivered. Phases of this project have already made accessing the northern Gold Coast suburb of Ormeau safer, easier and more reliable, increasing the value of Ormeau real estate and improving the lifestyle of the suburb and surrounding areas. These developments are expected to fuel further demand for property in areas with improved transport links.
Population Growth: The Gold Coast's population is projected to grow steadily, driven by interstate migration and an increase in international students and tourists. This growth will continue to drive demand for housing and rental properties, making real estate a solid investment option.
Sustainable Development: The real estate industry has a growing emphasis on sustainability and eco-friendly practices. Buyers and property investors increasingly seek properties with green features and sustainable design elements. As a result, homes with green features and sustainability will likely attract more interest and achieve higher sale prices.
The Gold Coast real estate market has remained robust despite the challenges faced in recent times. The region's desirable lifestyle, strong economy, and ongoing infrastructure development have contributed to its continued growth and attractiveness for home buyers, investors, and renters. As we move further into 2023, the market is expected to maintain its trajectory, presenting ample opportunities for those looking to engage with the Gold Coast's thriving real estate sector.
To make an informed decision when making your next real estate move, speak with your local Area specialist Brett Reddell. Brett Reddell has the in-depth knowledge to guide you in the right direction when selling or buying in the Omreau real estate market. Brett Reddell ensures he is across the latest market forecasts and trends, ensuring this his clients are well-informed and positioned for success in the evolving Gold Coast real estate market.
Disclaimer: The information provided in this article is based on current market trends and forecasting (June 2023) and forecasts and is subject to change. It is always advisable to seek professional advice and conduct thorough research before making real estate decisions.