Gold Coast House Prices Rise Against the Trend During the Pandemic

During the pandemic, rising house prices on the Gold Coast stood in sharp contrast to falling prices in other eastern capitals. According to the latest figures, Sydney house prices fell 2% over the past three months and Melbourne dropped 3.5%, yet the Gold Coast rose 1.5%.

Data from the Australian Bureau of Statistics shows that in the 2018–2019 financial year (ending 30 June 2019), Queensland recorded a net interstate migration gain of 22,800 people, making it the most popular destination for interstate migrants. Victoria came second with 12,200 people, while New South Wales, home to Sydney, recorded a net interstate outflow of 22,100 people.

Queensland's pleasant climate, lifestyle, housing affordability and the many major infrastructure investments of recent years have all become key factors in attracting interstate migrants. The government's total investment in South East Queensland is A$134.2 billion, including the A$4 billion Queen's Wharf Brisbane development, the A$5.4 billion Cross River Rail project, the A$2 billion Brisbane Live entertainment centre and the A$940 million Brisbane Metro. At the end of 2019, the Gold Coast was officially classified as a regional area.

Under the pandemic, the economy has taken a hit and the property market has been affected to some extent, but the Gold Coast market has continued to perform strongly. Since the outbreak accelerated in Victoria, the number of buyers from the southern states purchasing property on the Gold Coast has risen sharply. These buyers are generally a little older; they see Queensland as a safe place with a more relaxed lifestyle and simply want to move here. Reassessing their lives and choosing to move to Queensland is the main reason the market is so active right now. The vast majority of interstate buyers purchasing property in Queensland intend to settle here permanently in the future, while some are buying an additional property for future needs.

It has been reported that the current pandemic has triggered a series of flow-on effects for the Gold Coast. Border closures have heightened people's interest in relocating to areas like the Gold Coast. It is often the case that once one family member moves to the Gold Coast, other family members or friends follow suit.