Gold Coast property prices have recorded their biggest single-year jump since the heights of the mid-2000s boom, new data reveals. CoreLogic data released this week shows property values increased 15% in the year to April 2021, the highest since 2006. The price of homes is set to remain high as the amount of developable land dwindles. Real estate industry figures say the Gold Coast’s property industry could be set up for a decade of high values if the 2032 Olympic Games bid is successful. CoreLogic head of research Tim Lawless says: “If you look at the Gold Coast market, it’s a tale of two cities, with house values rising the fastest with a quarterly growth of 9.2%, while units went up 5.4% in the same time.” The Gold Coast had the 15th largest jump in property values in Australia in the past year, while the growth rate in the first three months of 2021 placed the Coast 7th in the nation. The average Gold Coast property is worth $638,000, higher than Brisbane’s $538,000.
Qld Leads On Population Growth
Queensland experienced a boom in new residents not seen in almost two decades as families fled COVID lockdowns in southern states in 2020 in search of a better lifestyle. ABS figures reveal Victoria had its first net interstate population loss since 2008 last year, with 12,700 people moving out, while more than 18,800 people left New South Wales for other parts of the country. At the same time, Queensland was a winner, having its highest net gain since 2004, with 30,000 moving to the Sunshine State from interstate, with most targeting South Easts Queensland locations including the Gold Coast. Of the capital cities, Greater Sydney had the largest net loss (down 31,600 people) from internal migration in 2020, while Melbourne lost 26,100 people. Brisbane (13,000 people), Perth (3500) and Canberra (300) were the capital cities to record net gains over the year. Demographer Mark McCrindle says: “It has been the COVID factor but it’s also been a housing affordability factor.”
Value Of Homes Tops 8 Trillion
Housing remains the nation’s largest asset class, well ahead of shares, superannuation and commercial developments, as residential property prices continue to rise. The total value of residential real estate in Australia has reached $8.1 trillion, according to CoreLogic, followed by $3 trillion of superannuation, $2.7 trillion of Australian listed stocks and $964 billion of commercial real estate. “The Australian dwelling market has reached fresh record highs for the past four months and the end of April marked the first time the total value of Australian housing broke the $8 trillion mark,” says CoreLogic head of research Eliza Owen. “This puts residential property at around four times the size of Australian GDP and $1 trillion more than the combined value of the ASX, superannuation and commercial real estate stock.” CoreLogic data suggests that in the three months to April, national home values rose 6.8%, the highest quarterly growth since 1988
