REMEMBER WHEN

GOLD COAST BULLETIN Wednesday, March 7, 2007

IT was the return of the gold rush.

Gold Coast property prospectors were again set to strike it rich as the latest Midwood report shows a buying boom was due to hit in 2008.

Author and analyst

Bill Morris said property prices could rise as much as 40 per cent, fuelled by population growth and a thriving state economy.

But Mr Morris said the boom would not match the record growth of 2002-03 when property prices rose more than 100 per cent – the biggest increase since the 1851 gold rush.

“The boom earlier this decade will go down in history, it was that phenomenal,” he said.

“This next boom will also be substantial but is more an extension of the last.

“Gold Coast prices are increasing at about 5 to 6 per cent per annum, and looking to peak in about 2008-09.

“You can already see the signs that we’re heading into an upward cycle.

“For example, the litmus suburbs of Mermaid and Broadbeach Waters are showing real upwards movement and limited stock they are almost always the first suburbs to show where the Coast is headed.”

The Midwood report for the February 2007 quarter showed that Queensland’s economy was outpacing the country, with the state’s gross domestic product increasing at 4.75 per cent compared to Australia’s 2.6 per cent.

Population growth was also increasing steadily, at a healthy 2 per cent for the state.