Prices surge ahead

The state’s flour­ish­ing tourism in­dus­try is con­tin­u­ing to have a pros­per­ous im­pact on the Gold Coast’s bustling prop­erty mar­ket

Weekend Gold Coast Bulletin - Property - - FRONT PAGE - WORDS ALEISHA DAW­SON

THE Gold Coast’s world-class beaches are driv­ing me­dian price growth for our coastal hous­ing mar­kets, with the city record­ing 7.3 per cent an­nual growth, ac­cord­ing to new data.

Real Es­tate In­sti­tute of Queens­land data, re­leased this week, showed Noosa recorded the high­est an­nual growth at 9.6 per cent.

The Sun­shine Coast LGA recorded 6.8 per cent an­nual growth to me­dian house prices.

REIQ CEO An­to­nia Mer­corella said the growth surge was helped along by a boost in tourism num­bers.

“Tourism is one of the largest con­trib­u­tors to Queens­land’s gross state prod­uct (GSP), with al­most 8 per cent of GSP com­ing from tourism,” Ms Mer­corella said.

“This is roughly $25 bil­lion in the year to June 2016, which means when that sec­tor grows it of­fers em­ploy­ment op­por­tu­ni­ties and this at­tracts work­ers who need some­where to live.”

The strong per­for­mance of the south­east cor­ner’s coastal mar­kets has helped drive Queens­land’s growth over the past 12 months, with more than 58,000 houses sold and an an­nual me­dian price growth of 2.4 per cent.

Mer­maid Beach is the Gold Coast’s strong­est growth sub­urb for houses, ad­ding 9.9 per cent to reach a me­dian of $1.53 mil­lion.

The Gold Coast also rep­re­sented the largest unit mar­ket in Queens­land.

De­fy­ing the trends through­out most of Queens­land, the Coast mar­ket grew 4.4 per cent, to $420,000 – it is one of the most ex­pen­sive unit mar­kets in the state.

The city’s rental mar­ket re­mained the most ex­pen­sive rental mar­ket in Queens­land for three-bed­room houses and two-bed­room units.

“Prop­erty in­vestors’ con­fi­dence is op­ti­mistic as va­cant prop­er­ties are gen­er­ally relet in the first two weeks and in some in­stances with va­can­cies be­ing shorter than a week,” the re­port stated.

The Gold Coast prop­erty mar­ket has recorded a 7.3 per cent me­dian price growth, new data re­veals.

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