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The Gold Coast will be one of the strongest property markets in the next two years, before facing “significant oversupply” issues, according to a property analyst.
Propertyology managing director Simon Pressley said the Gold Coast market would “surprise many pundits” after being “the worst performing market in Australia for a few years”.
Mr Pressley said the city is being buoyed by major infrastructure projects such as a new hospital, the light rail project and 2018 Commonwealth Games construction.
A lift in tourism is also helping to boost the Gold Coast, he added.
“Tourism drives the Gold Coast’s economy. So when the GFC hit in late 2008, consumer sentiment disappeared, jobs were shed and its property market suffered,” Mr Pressley said.
“The Gold Coast’s only other industry of note is construction, and a significant pre-GFC oversupply compounded things for its property market.”
Mr Pressley forecast that the Gold Coast would outperform other cities during 2015 – but he also warned of a potential downturn.
“Gold Coast Mayor Tom Tait is a developer by trade, and he is very pro-construction,” Mr Pressley explained. “There have been a number of large building applications lodged during the last 12 months. Significant oversupply is expected again in a few years’ time.”
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