Over the last couple of years, the Gold Coast real estate market has seen its fair share of growth. But it looks as if things are beginning to steady, albeit with still strong demand from the continued strong population growth forecast for the region.

So with this in mind let’s explore what’s in store for the Gold Coast property market as we head.

Inventory will remain low
After 12 interest rate hikes, drops in home value, and further economic uncertainty looming, vendors and sellers are hesitant to put their homes on the market.

Despite slower property movement throughout Queensland, we’re still experiencing an under-supply of property on the market. This means there are fewer properties listed for sale for potential buyers to choose from, increasing competition with buyers.

While many expected mortgage renewals to force a wave of sellers, it’s becoming clear that many homeowners have already refinanced or made plans to sustain a growth in mortgage payments.

The good news? The low home inventory is helping fuel property gains and will likely continue to put pressure on the Gold Coast property market in the coming months.

Prices will recover (although not immediately)
As interest rates start to stabilise, we’re starting to see more buyers enter or re-enter the market. This is putting upward pressure on housing prices, with housing prices rising across the Gold Coast and the rest of Australia throughout the spring.

It’s most likely that the lowest property prices are behind us.

While there’s no guarantee that there won’t be further lifts in interest rates, we’re cautiously optimistic that the peak is near. As interest-rates stop rising, it’s expected that the Gold Coast house price forecast will continue on it’s positive growth trajectory.

With that in mind, it’s unlikely that property gains will skyrocket. It’s more likely that there will be a plateau period as buyers and sellers adjust to the new normal. But over time, it’s likely that the market will see growth.

Rentals will remain a hot commodity
As property prices dropped, rental prices jumped. The Gold Coast continues to experience one of the tightest rental markets in the entire country.

Queensland continues to be a desirable location to live, which continues to put pressure on rental prices (and housing overall).

Despite calls to fill vacant dwellings, the available inventory simply can’t keep up with demand. The ongoing construction crisis is also contributing to lower than anticipated new inventory. Unfortunately, unless things change drastically, it’s likely that the rental market will remain tight.

—

Despite the fluctuations over the last couple of years, the Gold Coast property market may have reached a turning point. Where will the next year or two take us? It’s hard to say. But with prices stabilising and larger than expected demand for housing, it’s likely that we’ll slowly see the market shift upward.

Contact the Pezet Matheson team today to learn more about our current project roster and how we may be able to assist you in purchasing your ideal property today.