The Coast’s median house price is expected to hit $690,000 by 2021.
THE Gold Coast’s median house price is expected to hit $690,000 by June, 2021, a new report reveals.
The QBE Australian Housing Outlook 2018-2021, which provides a snapshot of the country’s property market, reveals the Gold Coast continues to record steady property price rises.
The Gold Coast’s median house price is expected to reach a new height by 2021.
House price growth is expected to remain moderate.
House price growth is expected to remain moderate in the next three years, averaging two per cent each year.
Unit price growth on the Gold Coast is expected to be slower at 0.8 per cent per year.
“Work on a number of major accommodation projects and the development of Westfield Coomera will help to sustain local economic activity, although this will be lower than that of the years leading into the Commonwealth Games,” the report states.
CoreLogic data reveals the median house price on the Coast is $650,000 to June, 2018.
The median house price on the Gold Coast is $650,000.
The rental market has proven resilient to the increase of new rental stock and the fall in demand following the Commonwealth Games.
The REIQ Residential Vacancy Rate report for the September quarter showed Gold Coast vacancies tightened from two per cent in June to 1.7 per cent in September.
Median rents for all properties except one-bedroom units have trended upwards for the past year.
The former Commonwealth Games Athletes Village will add about 1200 units and townhouses to the Gold Coast property market.
The median rent for a house was $550 while a unit was $420, according to CoreLogic.
The REIQ report revealed the upcoming release of the Commonwealth Athletes Village to the rental market would add about 1200 units and townhouses, or 1.6 per cent additional stock which would likely help ease the tight market conditions.
Source: 24 October 2018 https://www.realestate.com.au/news/gold-coast-property-prices-to-hit-new-heights/