With Gold Coast property prices down as much as 50% compared to back in 2010, many believe that prices have bottomed out and that it’s the ideal time to buy.
Another factor is the repeated cuts in interest rates by the Reserve Bank: you would have to go back to 2009 to find variable home-loan rates as low as they are today.
If you compare the median cost of apartments at the end of June with other cities you can start to see the buying opportunities more clearly: while Melbourne’s median price is just over $411,500 and Sydney’s is almost $492,000, on the Gold Coast it is just $370,000.
The increased interest from buyers is becoming apparent at many auctions, where the action is heating up for properties after generally poor turn-outs for the last few years. Interstate buyers are drawn by the comparatively good value, and buyers from overseas are encouraged by the weaker Australian dollar.
The Gold Coast is also seeing a considerable increase in property development, with Broadbeach a particular favourite due partly to it’s low vacancy rate. The Gold Coast Commonwealth Games in 2018 are also considered to be a factor in the renewed growth of development.
Realtors are reporting a surge in inquiries from potential buyers wanting to get in while the prices are still low, with the bottom end of the market starting to become particularly competitive.