Gold Coast House Prices Rise Against the Trend During the Pandemic

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

According to the Australian Bureau of Statistics, in the 2018–2019 financial year (ended 30 June 2019), Queensland recorded a net interstate migration gain of 22,800 people, making it the most popular interstate migration destination. Victoria came second with 12,200 people, while New South Wales, home to Sydney, saw 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 been important factors in attracting interstate migrants. The government's total investment in South East Queensland stands at A$134.2 billion, including A$4 billion for the Queen's Wharf Brisbane development, A$5.4 billion for the Brisbane Cross River Rail project, A$2 billion for the Brisbane Live entertainment centre and A$940 million for the Brisbane Metro. These projects will provide considerable employment both during construction and after completion. In late 2019, the Gold Coast was officially classified as a regional area, becoming the most upmarket regional area in history. For those looking to migrate, the Gold Coast has undoubtedly become their first choice.

Under the pandemic, the economy has taken a hit and the property market has been affected to some degree, yet the Gold Coast market has continued to perform strongly. Since the pandemic accelerated in Victoria, the number of buyers from the southern states purchasing homes on the Gold Coast has risen sharply. These buyers tend to be somewhat older; they view Queensland as a safe place with a more relaxed lifestyle and simply want to move here. Reassessing their lives and choosing to relocate to Queensland is the main reason the market is currently so active. 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 to have on hand for whatever the future may bring.

It has been reported that the current pandemic has triggered a series of ripple effects on the Gold Coast. Border closures have heightened people's interest in moving 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.