18 September 2023

The Gold Coast is Australia’s hub for top-notch beach life, surf breaks, nightlife, and theme beaches. As a strong magnet for domestic and international tourists, the Gold Coast has hosted millions of holidaymakers for decades. It is the designated host for the 2032 Olympic Games, an event expected to position this coastal city for growth and increase property sales.

Investors in the real estate industry have been cashing out big recently, but when investing in this Australian paradise, you should know several facts and truths about Gold Coast apartments for sale. You do not want to be caught on the wrong side of the law or taken for a fool when buying your dream apartment, so be on the lookout.

Gold Coast Unit Prices and Growth Rates in 2023
In the last year, the unit prices in Gold Coast reached a new price peak, recording a year-on-year increase of 10.32%. However, the overall housing market experienced a notable fall. Per the recent report, the last quarter saw unit prices increase by 3.95 per cent. The strongest growth was recorded in the city’s inner-city suburbs of Broadbeach and Surfers Paradise.

Gold Coast didn’t record its notable property market growth out of the blue,but owing to its robust tourism industry and rising population. Gold Coast receives approximately 12 million visitors yearly. On average, the daily expenditure of domestic and international tourists is AUD 200 and AUD 150 respectively. Visitation and spending rates are expected to increase due to the 2032 Olympics.

The population of this coastal city is pretty high, as it grew by over 14,000 people in 2022. Within the same period, only 1222 apartments were added to the picture. This continues to put pressure on the overall housing supply and demand. On the positive side, investors can now reap from the increasing rental income.

Things to Know About Apartments for Sale on the Gold Coast
Apartments on the Gold Coast offer different levels of value to clients. The majority of apartments sit in prime locales around and inside Mermaid Beach, Surfers Paradise, and Broadbeach. You’ll love that these buildings easily connect to mandatory amenities, have vibrant lifestyles, and offer stunning views of the ocean.

Many factors directly affect how much you pay for your apartment, including the features, location, and size. Bigger properties in prime locations and with more high-value features will cost more, with rates ranging from a few hundred thousand dollars to millions of dollars.

The data at hand shows many Gold Coast apartments are rich in top-quality features, with a blend of modern amenities, superb finishes, and spacious layouts. Higher-end properties have serene ocean views, rooftop terraces, and private balconies.

Investors profit massively from the Gold Coast real estate industry because rental rates are higher in most parts of this coastal city. Research data by SQM Research shows that apartments and rental units generate huge yields of around 5.8%. It’s worth noting that the demand for apartments in the Gold Coast region is a bit higher because of its growing popularity as a tourist hub. Therefore, when you invest in an apartment in this region, you have better chances of selling or renting it out in no time.

Considerations in Buying Apartments in Gold Coast
Investing in Gold Coast real estate is a smart decision but full of risks. Careless buyers have paid for non-existent apartments or gotten duped in the process. One can avoid surprises and discover a real paradise by noting several crucial aspects of this coastal real estate industry.

Firstly, decide on the best parts of Gold Coast to buy apartments in. Many investors and tourists prefer the inner-city suburbs as they offer better growth potential. If you could secure an apartment in these high-growth areas, you’re in luck, as you’re certain of getting more value for money.

Explore the available property types and settle for ones that match your lifestyle, budget, and preferences. Currently, most Gold Coast property sales are major apartments, as they are cheaper and easier to rent out. That doesn’t mean townhouses and standard houses aren’t in demand. We have many apartments for sale in Gold Coast to take advantage of, just know what you want and where to start your search.

Finding apartments for sale in Australian markets has never been a walk in the park. Many would-be apartment owners struggle to find ideal properties to compare, let alone purchase their dream apartments. For this reason, we advise working with committed and established real estate agents, as they keep solid property databases. Working with a trustworthy realtor gives you an edge because they offer you the properties that suit your investment needs on a platter of gold.

How the Gold Coast Economy Affects Apartment Sales
Gold Coast comes fifth among the biggest cities in Australia and its economy is growing at a high rate. By the end of June 2022, Gold Coast had a population of 647,824 people and a gross regional product of 63.94 billion Australian dollars. There were 364,925 employed people, both male and female, and 76,262 registered businesses. Its job market is increasingly getting stronger, which gives people more home-buying power because those with a monthly income can easily afford mortgage payments for apartments.

Because the Gold Coast serves as an active tourist destination all year, it creates a strong market for apartments and a higher demand for short-term apartment rentals. The Australian zoning laws and tax breaks make it easier for first-time home buyers to afford their dream apartments.

The AUD $5,465,334.00 Gold Coast local economy is largely affected by its Healthcare and Social Assistance industries. Per available data, the health sector offers massive support to the local economy. Other sectors supporting the Gold Coast economy include construction, manufacturing, and finance. Tourism, and insurance services. All these industries offer real value to the growth of the local economy and directly affect the sale of apartments in this coastal city.

But interest rates keep rising every day, which makes it more challenging for potential homeowners to borrow money to buy apartments. This has dampened the demand for property in the area while reducing the number of unit property sales.

Conclusion
The Gold Coast region has a climate and economy that support apartment sales. Many investors have found this Australian coastal region to be a great place to buy real estate properties. We cannot give accurate figures on how much you will need to pay for an apartment in this area.

However, budget enough to buy the perfect type of property for your needs, depending on the location you choose and the size and type of property you select. Remember, market rates for apartments for sale keep changing continually, and the types of properties on offer aren’t always the same. Be on the alert to find apartments that offer the value you deserve.

Reach out to the team at Pezet Matheson to learn more about opportunities to invest and live in one of the country’s most desirable locations.

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