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Gold Coast house prices are expected to keep climbing despite national downturn

Source: Gold Coast Bulletin/REA.​

The Gold Coast property market is tipped to defy a national housing downturn led by Sydney and Melbourne.

A new housing value forecast report by CoreLogic and Moody’s Analytics predicted Gold Coast house prices would continue to climb off the back of steady growth over the past two years.

Prices on the Glitter Strip are expected to rise 2.2 per cent in 2019 followed by a further 3.6 per cent in 2020.

Nationally, prices are tipped to drop three per cent this year before climbing 2.2 per cent next year.

According to the report, the Gold Coast was among Queensland’s “lifestyle” areas, which included the Sunshine Coast, Wide Bay and Cairns, that were expected to perform well.

“Areas here are expected to perform better over the forecast period, as income growth remains robust and the degree of supply increase is not as great as in areas of Brisbane,” Moody’s Analytics economist Katrina Ell said.

“Moreover, the lifestyle areas are buoyed by overseas tourist demand, which has remained strong on the back of the falling Australian dollar.”

The report paints a much more positive picture for the Coast than Sydney and Melbourne, which are expected to continue to decline.

Dwelling values are predicted to fall 3.3 per cent in Sydney and by as much as 6 per cent in Melbourne on the back of declines in inner-city areas.

REIQ Gold Coast zone chairman Andrew Henderson believed the Gold Coast would outperform the two eastern cities.

“Sydney and Melbourne have had significant years of growth at a pretty high trajectory of increase each year,” he said.

“On the Gold Coast we’ve seen an increase but nowhere as steep a trajectory as Sydney or Melbourne have seen.

“Also when you look at the population growth here, that will be where our advantage lies.

“People still need somewhere to live and while they keep moving here they should aid that growth.”

He also said the Coast’s lifestyle was a big drawcard.

“People moving to the Gold Coast traditionally came here to retire or work in hospitality,” he said.

“Now all age groups are coming, people can run businesses from home.

“You don’t need to be in the office every day.

“You’ve got the airport and can be in Sydney in an hour.”

by Newscorp Australia (Source via REA)