Gold Coast Property: Most popular suburbs to buy in 2021’s ‘biggest property boom in 40 years’

One of the Gold Coast’s leading real estate agents says the current property boom is a ‘perfect storm’ and the biggest he’s seen in his 40-year career. FULL DETAILS >>>

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A leading real estate agent says the Gold Coast property boom is the biggest he has seen in his 40-year career.

Ray White Surfers Paradise boss Andrew Bell said the boom, led by buyers relocating from interstate, was a perfect storm powered by a number of factors.

But he said there were still bargains to be had in some suburbs, including Southport, Labrador and Ashmore.

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Andrew Bell from Ray White Surfers Paradise . Picture: Jerad Williams

“This is the biggest boom of my 40-plus year career and it is the most unique of all, because it is not being driven by normal factors – it’s all related to COVID-19,” he said.

“Closed international borders, the lowest-ever interest rates, a massive amount of government liquidity injected into the economy and the situation which has caused people to re-evaluate what they are doing with their lives.

“This market is being driven by unique factors which we will likely never see again and anyone who is trying to forecast what will happen is guessing. There is no precedent.

“My advice is to make hay while the sun shines because you never know when things will change.”

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Mr Bell said there had been a significant rise in the number of people looking to buy units on the Gold Coast.

However, new data released by consulting firm Urbis revealed a lack of available units because of a decline in the number of projects launched between 2018 and 2020.

In 2020, 22 new projects launched containing a total of 1411 apartments while 2019 saw 24 projects with 2164 units.

The average number of apartments in new projects launched between 2018 and 2020 decreased from 91.8 to 66.8 respectively.

“The Gold Coast apartment market is experiencing a flight to quality, with bigger apartments transacting, a higher level of owner-occupiers, and higher price points,” the Urbis report says.

Rising house prices have also put pressure on the market after spiking in the past year.

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Quarterly REIQ data released in December showed prices went up an average of 3.2 per cent across the city, with some suburbs posting double-digit rises.

For houses, Coolangatta led the charge with a 31.5 per cent spike in median sales prices.

Other top performers were Currumbin Valley (up 20.8 per cent), Miami (up 18 per cent) and Currumbin (up 16.6 per cent).

For units, the top-performing suburb over 12 months was Paradise Point, with median values up 21 per cent with 85 sales.

Gold Coast Real Estate agent Michael Kollosche Picture Supplied

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Leading real estate agent Michael Kollosche said he expected prices and sales figures to remain steady on the back of strong interstate migration.

“Coming into Easter I think the Gold Coast will see an increase in demand from the southern states who have long undervalued the city,” he said.

“Right now we are seeing the largest increase in interstate migration in the past 13 years with most of the demand centred on the southern Gold Coast up to Main Beach.

“We are in a new normal for at least the next 12 months until banks start moving interest rates slightly.

“That may stabilise the market somewhat but the Gold Coast remains cheap compared to everywhere else.”

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