Continued Blue Skies For Gold Coast Property
Despite the RBA continuing to hold interest rates at 4.35% and saying that a cut in rates is now unlikely before the end of 2024, Gold Coast property prices continue the upward trend. Our median property price is now around $1.17m, the highest it has ever been. Only Sydney has a higher median price, around $1.7m.
The principal driver for the continued rise in prices is significant growth in the Gold Coast population (both interstate and international). This is placing increasing pressure on a housing market that has, for more than 12 months, experienced major undersupply. Having said that, we are starting to see more properties being listed for sale as owners realise that such a strong market is going to enable them to achieve a very good sale result.
We think it likely that the Gold Coast will continue to see solid price growth during the remainder of 2024. However, this may not be as strong as that seen over the past 12 months or so. But that price growth could be knocked of course if inflation starts to get out of hand and the RBA is forced to raise interest rates. Nor should we forget that we are not immune from all the uncertainty that is occurring in the world.
If you would like to discuss how we can help you with the sale of your property, or you’d just like to have a confidential discussion about market conditions, please do not hesitate to get in touch. Turner Mayes Real Estate is a boutique agency and Peter Turner has many years’ of experience selling Gold Coast properties. Our priority is our clients and achieving the best outcomes for them.