“The Gold Coast’s growing popularity reflects the strong jobs growth the region is achieving on the back of the upcoming 2018 Commonwealth Games and associated infrastructure development,” REA chief economist Nerida Conisbee’s Eureka Report, released last week.
“On a positive side, supply levels are not over the top and interstate migration, particularly from New South Wales, is expected to continue.”
While investors are smiling, tenants are struggling to find properties with agents reporting at least a dozen parties showing up at rental inspections.
Harcourts Coastal business development manager Brent Martens said inquiries for rentals on the Coast were “through the roof” and pushing prices up.
“We had a record last quarter where we put 140 new listings on to the rental market,” he said. “We are getting two to three inquiries on properties every day.”
He said open inspections were now the norm with up to 15 parties attending and multiple applications.
“Four or five years ago you would have inspections via appointment but now we just need to get the parties through the door,” he said.
Mr Martens predicted the rental market to remain steady after the Games.
“A lot of people are moving to the Gold Coast from interstate and a lot of people are selling their houses because the market is good and looking for rentals,” he said.“I don’t necessary think it’s because of the Commonwealth Games.”
REIQ Gold Coast zone chairman John Newlands said population growth and new industries on the Coast would keep the city on the map.
“I think it (rental market) will plateau for a while after the Games,” he said.
“It hopefully won’t dip because those other industries that have been created – filmmaking and the large health precinct will certainly help the Coast in the future.
“Government has been working very hard so we don’t have a boom-bust environment.”“Hopefully, we will grow in population from that strong interstate migration which is driven by the lifestyle on offer up here.” Source: realestate.com.au
“I genuinely think we’ve benefited in the lead-up to the Games with road infrastructure, and the extension of the light rail,” Mr Newlands said.