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 capital cities. The latest figures show that house prices in Sydney fell by 2% over the past three months and Melbourne dropped by 3.5%, while the Gold Coast rose by 1.5%.

According to the Australian Bureau of Statistics, 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 migration. 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 important factors in attracting interstate migrants. The government has invested a total of A$134.2 billion in South East Queensland, including A$4 billion for the Queen's Wharf development in Brisbane, 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 significant employment both during construction and after completion. At the end of 2019, the Gold Coast was officially classified as a regional area, becoming the most cosmopolitan regional area ever. As a result, for those looking to migrate, the Gold Coast has undoubtedly become their first-choice destination.

Under the pandemic, the economy has taken a hit and the property market has been affected to some extent, yet 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 tend to be 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 relocate 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 a rainy day.

It has been reported that the current pandemic has set off a chain reaction 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 one after another.