Origin of Gold Coast property demand
The Gold Coast stepped up to the sporting plate to host the State of Origin match last week, once again proving the Gold Coast’s claim to major city status. Already home to major sporting teams, such as the Titans in the NRL and the Suns in the AFL, the Gold Coast gained international recognition for hosting the Commonwealth Games in 2018. And each time sporting events are beamed into television sets across the country and around the world, it just reinforces people’s desire to visit and to make a permanent move.
Exposure through the world of sport only adds to the reputation the Gold Coast has gained in tourism circles and, increasing, in the minds of potential interstate migrants. The Gold Coast is a premier lifestyle destination for sea-changers, tree-changers, downsizers, and anyone wanting to escape the rat race of southern capitals. Last year, Queensland recorded a net interstate migration of around 30,000 people, the highest level since 2004. While the Gold Coast has captured more than its share, it is expected to be the most in-demand location when overseas migration kicks into gear again.
Despite reaching major city status, there is one thing setting the Gold Coast apart from Australian capital cities and that is 70 km of golden sand. The Gold Coast has retained much of its lifestyle attraction and relaxed feel because of that golden stretch of coastline and also the weather. It may be more cosmopolitan than it was a few decades ago and, in some way, rivalling Melbourne and Sydney, but you don’t see boys in boardies and bikini-clad girls carrying surfboards down Collins Street or grabbing a coffee in Martin Place.
Gold Coast property demand
The impact of Gold Coast property demand and the region’s rise to stardom on the local property market is large and only going to get larger. Unprecedented demand and a shift in construction patterns has created an extreme shortage of new apartment supply – especially in the upper end of the market. The Urbis report for the March quarter this year indicated there were 742 apartment sales on the Gold Coast (up from 374 in the previous quarter). But if you think prices are going to get high as demand outstrips supply, wait until borders reopen and overseas migration kicks into gear.
In the meantime, Queensland’s miraculous win over New South Wales last week might attract a few more over the border line to live in the Sunshine State.