Property investors are being encouraged to consider the Gold Coast, with the region recording its second consecutive quarter of positive growth in median house price.
The Real Estate Institute of Queensland (REIQ) March quarter median house price report found that the median house price in the Gold Coast had increased 2.2 per cent to $475,000 over the March quarter.
The Gold Coast is one of 10 major regions across Queensland that have recorded encouraging yearly results, a sign that the market has been improving.
According to property group Raine & Horne, multiple local offices have reported that buyer confidence has gone up 60 per cent since last year.
“After a quiet period in consumer confidence, favourable winds are once again inflating the sails of the Gold Coast’s residential property market,” said CEO of Raine & Horne, Angus Raine.
He explained that economic conditions were now right for many buyers and investors to capitalise on the region’s undervalued residential property.
Mr Raine said the RBA’s recent decision to slash the official cash rate to 2.75 per cent would encourage further confidence in Queensland property.
“Most of the big banks have passed on the rate cut in full and Raine & Horne is already registering a rebound in optimism as Queensland buyers take advantage of the low rates to secure a home,” he said.
Principal of Raine & Horne Mermaid Beach, Kae Beadman, said she had seen a marked improvement from purchases with a genuine intent to buy this year.
Baby boomers were driving activity in her market as they looked to downsize from million-dollar homes into upmarket, waterfront apartments.
“Units are turning over more quickly than houses, and apartments priced between $700,000 and $1.2 million close to the water are proving popular with downsizing retirees,” she said.