The median price for a house on the Gold Coast is expected to exceed $650,000 for the first time in the next three years.
A report released today by insurance provider QBE predicts house prices will rise 6 per cent to 2020, to a record $665,000.
“It’s a safe and reliable statistic and rather sustainable, better than a boom and a bust." REIQ Gold Coast chairman John Newlands
Figures released by CoreLogic in June show the median house price is currently $620,000.
The Gold Coast has enjoyed significant growth since the fallout of the global financial crisis, but some analysts feared it would cool after the Commonwealth Games and as the hot Sydney market tapered off.
However, industry heads said the QBE report’s forecast growth was a reasonable prediction given the level of development and continued migration from southern states.
“The Gold Coast is poised to capitalise (on this) because of infrastructure investment undertaken,” said Tony Fitzgerald, a director of property valuer LMW.
Mr Fitzgerald said the Coast’s median price was relatively affordable compared to Sydney. Click here for the full Gold Coast Bulletin article.