Main Beach prices performing above average
The Gold Coast residential property market remains one of the strongest markets in Queensland.
In fact, the 6.7% growth of the median house price over 12 months to June 2016 is the largest increase in Queensland.
The unit market has been more subdued, even a little volatile but did improve in the June Quarter. Overall it has fared better than predicted.
Major investment in infrastructure projects is the biggest impactor on Gold Coast property prices at this time. With the Commonwealth Games coming in 2018 there are many major public works underway. Residential and commercial development is also booming making the overall investment well over $5 billion. Tourism is up because of the lower Australian dollar and, our healthcare and education sectors are expanding, due mostly to the opening of the Gold Coast University Hospital.
Lifestyle choices on the Gold Coast are excellent and our population continues to grow.
Now to the really good bit!
Main Beach has performed above average over the June Quarter and in fact, has the second highest increase in price on the Gold Coast for apartments over the 12 months to the end of June 2016. The median price of apartments over this period increased by 20.3% compared to the Gold Coast average of 3.3%. Interestingly, the close by waterfront suburb of Runaway Bay to the north has increased the most over this 12 month period at a rate of 23.8%.
As usual, the market for houses is impossible to dissect because of the lack of sales.
The supply of apartments for sale in Main Beach has tightened in recent months and this will also contribute to the increase. Demand remains quite strong and investors are returning to the market for the first time in many years. They see the capital growth to continue into the future.
There is no doubt record low interest rates also plays its part in these increases.
Foreign investment, specifically from China, is strong on the Gold Coast but it is our understanding that developers will need to be wary of relying on Chinese investors in the future for two reasons. The Chinese Government is making it more difficult for money to be taken out of China and local lenders are tightening the lending criteria for foreign investors. Now that developments in Melbourne and Sydney are coming to completion Chinese investors have started to default. It appears this is more prevalent in the stock at the lower end of the market.
Experts say there is a lot to be confident about in the near future.
Source: REIQ Queensland Market Monitor
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