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Unlocking the Potential: A Gold Coast Property Market Review for 2023-24
With the picturesque Gold Coast shoreline as a backdrop, the property market in this Australian haven is set for some exciting times ahead. In 2022, the local market experienced significant growth, defying challenges posed by interest rate hikes. As we continue to move through 2023 and look to the new year, the market's prospects are mixed, offering both challenges and lucrative opportunities for investors, developers, and homeowners.
A look back in time
In 2022, the Gold Coast property market displayed remarkable resilience, with median house and unit prices both rising, indicating overall growth. This momentum was largely driven by a wave of interstate migration during the pandemic, drawing individuals to the region in search of a better quality of life and more bang for buck.
However, last year was not without its hurdles. Interest rate hikes contributed to a decline in sales causing some uncertainty in the market. This downturn also significantly impacted the rental market, with decreasing vacancies and rising rental costs making headlines across the state.
To 2023… and beyond!
So far this year, the Gold Coast property market continues to hold immense potential for those able to adapt to market trends. Prices are trending upwards, though interest rates remain a pivotal factor influencing the market as well as borrowing power. As ever, staying informed and being prepared for volatility is crucial for navigating a market this dynamic.
Those seeking to invest at the close of 2023 and into the new year would do well to consider north-lying suburbs like Helensvale and Coomera, where new developments and infrastructure growth are setting the stage for prime investment and yield potential. Similarly, southern areas with proximity to the Gold Coast’s spectacular beaches and lifestyle influences, like popular shopping and dining destinations (think Mermaid and Broadbeach Waters), continue to demonstrate strong desirability and growth.
It's all in the detail
Before entering the market, investors should consider the many variables that can influence and identify risks and challenges. Days on market (DOM), rental yields and rates, as well as rates of auction clearance can be key indicators of an investment’s viability, while external factors like employment rates can also impact demand, prices, and overall growth rates in both the residential and commercial property markets.
What does the future hold? A lot of promise! With population growth, housing demand, and high-profile projects like 2032’s Olympic Games in Brisbane and the Gold Coast Light Rail expansion on the horizon, sustained growth is broadly expected. As the Gold Coast remains unrivalled for its sought-after combination of lifestyle and commercial appeal, demand is only likely to continue to surge in the months and years to come.
For the lucky winner of Mater Prize Home lottery No. 309, the sensational first prize represents more than just a lifestyle change. The luxurious waterfront home included in the $3.5M prize package will become a valuable asset that could help achieve and maintain financial security well into the future. Don’t miss your chance to win this life-changing prize—secure your tickets TODAY!