The housing price in gold coast is expected to remain strong after the commonwealth games because of the concerns about affordability and a growing demand for housing in coastal cities, according to RiskWise, an Australian property industry consultancy.
According to a survey by property consultancy in Australia, the average price of land on the gold coast has risen by 8.6% in the past 12 months. The average price of a 450-square-meter plot of land is now 265,000 Australian dollars. Land prices on the gold coast will continue to rise, the report said.
The report investigated 2,218 plots of land sold on the gold coast over the past 12 months, ranging from 140 square meters to 1,000 square meters.
Land values per square meter of the gold coast performed best in non-capital areas
The gold coast has become one of the hottest places to live and invest in, along the southeast coast of Queensland and even in the whole Australia, says Doron Peleg, RiskWise's CEO. It has beautiful beaches, waterside residential communities, an unparalleled lifestyle and good infrastructure. And many migrants and locals call here as children's paradise.
"The main attraction of the gold coast to buyers is that it has a perfect location, you can get to the beach at any time, but the prices are very competitive compared to many areas, which has also kept the regional housing market stable for a long time."
According to the data from CoreLogic, houses and apartments on the gold coast have risen 36 percent and 23 percent respectively over the past five years. Mr Peleg says that although there will be less economic activity in cities after the commonwealth games, the housing market will continue to benefit greatly from the games' effect.
The opening of the commonwealth games has put the city on the world stage and attracted major investments from the world in the past few years, including the jewelry tower of 1 billion Australian dollars and the coming Spirit building of 1.2 billion Australian dollars.
"The data shows that houses in gold coast have a owner-occupancy rate of more than 75% and the average property has been held up to 11 years, even if there are potential sellers with a sale idea, the supply of houses in the city is not going to increase substantially."
"On top of that, many house investors currently enjoy very good returns, not only from the appreciation of the property itself, but also from rising rents, which makes many property owners even less willing to sell their properties."