Gold Coast property: Most popular suburbs to buy in
A new report has revealed the Gold Coast’s five most popular suburbs to buy in as the city’s population continues to increase dramatically. There’s a few surprises in there.
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Record population growth will continue for at least a decade but the construction of towers is slowing, a new report reveals.
More than 145,000 people are tipped to move to the Gold Coast in the next 10 years, according to a market overview report by Colliers International to be published on Thursday.
But while the annual 2.2 per cent increase is more than double the national figure, the report warns that a market slowdown and supply chain issues will put a handbrake on development.
“The strength of the market has been supported by high levels of population growth and a supply demand imbalance,” the report reads.
“Similarly, the area’s relative affordability and the Covid-19-inspired ‘work from home’ phenomenon have enticed buyers to make a move to premium lifestyle locations within an hour’s drive of a capital city, which has also spurred record levels of interstate migration namely from New South Wales and Victoria.
“Despite the current strength of the residential market, construction cost increases are impacting the sector, with the construction risk aspect of a development site being a larger consideration than in prior market cycles.
“Additionally, future uncertainty as to when the market will stabilise in relation to cost increases is resulting in larger contingencies being applied to feasibilities.”
The report warned that many of the 120 projects either approved, under construction or in the pipeline would not proceed.
“At present, the price growth for finished products has matched the cost increases. However, if costs continue to rise, there may be a stall in sites being delivered as project financial viability is impacted and therefore further fuelling the supply and demand imbalance.”
The city has a record-low residential vacancy rate of 0.4 per cent, far below Sydney’s 1.6 per cent and Brisbane.
The report reveals suburbs in the city’s north have been the big winners from the population growth.
The number of people living in Pimpama has increased 22.5 per cent in the past decade, followed by Coomera, Biggera Waters, Hope Island and Upper Coomera.
Since 2020, both Ormeau-Yatala and Surfers Paradise have recorded significantly higher levels of growth than pre-Covid, with population spiking in both about 2 per cent.
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