$490 million in profits in just three months is the magic number Gold Coaster sellers have enjoyed, a figure released on Saturday's CoreLogic Pain and Gain report.
“I don’t necessarily know that too many people are cashing out of Sydney and moving to the Gold Coast, I think they are investing in the area with a view to maybe move there in ten or 15 years’ time.”
CoreLogic research analyst Cameron Kusher
CoreLogic's Pain and Gain report also uncovers some interesting stats on the Gold Coast market -
- 8 years is the median hold period
- $116,000 is the median profit
- 9.9% of Gold Coast home owners were selling at a loss, down from 16% last year with the trend continuing to improve
“Internal migration to Queensland is picking up but also a lot of people from Sydney and Melbourne have got that equity in their homes and are looking for coastal properties,” Mr Kusher said.
“I don’t think it’s going to boom but I think we will see solid growth for the next three to four years,” Mr Newlands said.
REIQ Gold Coast zone chairman John Newlands predicted the market to continue to gain momentum. Source: realestate.com.au