Gold Coast
The Gold Coast is a city and district in southeastern Queensland known for its comfortable, sunny subtropical climate, sought after surfing beaches, peaceful rainforest hinterland and active nightlife. Rapid growth in the number of residents and tourists visiting the Gold Coast has seen it become the sixth most populous city in the country. As a result, its skyline is now dominated by modern high-rise apartment buildings.
Gold Coast real estate guide
While much of the rest of Australia’s property market struggles with the fall out from the credit crunch, the Gold Coast has so far managed to stave off its worst effects. The Gold Coast is one of Queensland’s key urban areas and Queensland’s economy has enjoyed 4.6 percent average growth over the last five years. Although Australia has sold economic fundamentals across the board, Queensland and Western Australia in general have an economy ideally suited to insulating and even capitalising from the global slowdown. Queensland, with huge mineral and other deposits and a well developed exploitation industry has been benefiting from strong demand for resources and energy.
Queensland’s steady economy, growing population and low taxation policy, has been having a positive impact on both commercial and residential properties. According to the Australian Bureau of Statistics (ABS), Queensland is projected to experience the largest percentage increase in population between 30 June 2007 and 2056. This would more than double its population of 4.2 million in 2007 to 8.7 million people by 2056. By 2050, Queensland is on course to replace Victoria as Australia’s second most heavily populated state.
The Gold Coast, in particular, is experiencing major population growth as permanent residents move into the area in increasing numbers. The population grew from 507,439 in 2006 to 524,667 in 2007, with an average growth of 17,228 from 2006 to 2007 or 3.4 per cent growth. In comparison, Melbourne grew by 61,719 people to 3.81 million or 1.6 per cent growth while Sydney grew by 51,995 people or 1.2 per cent growth to 4.34 million people.
According to an independent property report by Midwood Queensland Investment Report for May 2008, the Gold Coast enjoyed the highest property sales in the May quarter of 2007 at 400 sales. In the May quarter of 2008, it reported 459 sales. In addition, visitors stay longer at the Gold Coast, compared to other states, averaging 4.4 nights. The Gold Coast also yields the average highest rent in Australia at AU$400 weekly for houses compared to Sydney’s $390, Melbourne’s $350 and Perth’s $350. Taking other cities into account, only Canberra and Darwin have higher weekly rents at $410 and $420 respectively. The report also states that while property values in other Australian states will appreciate at 40 per cent in five years, the Gold Coast will do the same in just one. Local industry figures say the Gold Coast has been the fastest growing market for the last 40 years and that now is a good time to buy.
Condos on the Gold Coast
As the Gold Coast’s population increases condominiums are becoming increasingly popular. The Elston Grandsurf Resort in Surfers Paradise and Azzura Greens Residential Resort in Hope Island are two projects that have recently come on line and which are attracting a lot of attention. Elston Grandsurf Resort is available for holiday rentals only, although with a daily rent averaging at $280, owners can rake in about $168. More on buying condos on the Gold Coast.
Houses and land on the Gold Coast
A number of ITR-certified property projects in the region also feature villas. One such development is the Royal Pines Resort. The 137-hectare project is one of only fourteen ITR approved in Australia comprising a 330-room five-star Crowne Plaza Hotel, 27-hole championship golf course, 146 marina berths (82 wet, 64 dry) and 635 approved, yet undeveloped residential allotments. More on buying houses and land on the Gold Coast.
Renovating
Foreign nationals are only permitted to purchase new properties, which means renovation is not an option under normal circumstances.
Top tips for Gold Coast property
Guide to buying condos in Gold Coast
Guide to buying houses and land in Gold Coast
