The Gold Coast Bulletin reports new statistics released from RP Data’s annual Regional Market Update reveals the Gold Coast City property market as the number one investment spot in QLD.
Apart from having the largest increase in the state at 5% for the year ending May 2015, the 20,079 sales number represents a 27 per cent above five-year average for the region.
The Gold Coast Bulletin spoke to Real Estate Industry Queensland Gold Coast chairman John Newlands who attributed the rise in sales to higher buyer confidence from interstate investors looking for more affordable property prices.
“Interstate, market prices have peaked and the return on investment in other states is poor compared to the Gold Coast,” Mr Newlands said.
“Because there is more building there are also more jobs and this generates more tenants for investors, so it’s really a double hitter.”
The data also revealed that 57% of the sales were units with prices increasing by 4% and houses making up the remaining 43% and increasing by 4.3%.
Average time to sell a property is 93 days for units and 74 days for homes, which is lower than previous years.
Core Logic RP Data senior analyst Cameron Kusher said Gold Coast prices would increase in the next year.
“House prices will continue to rise at a solid level but we will not see the rapid increases that were more common a decade ago,” Mr Kusher said.
