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Gold Coast attracting high demand from Sydney & Melbourne residents

Deon Calder
Deon Calder
29/04/19

One of the Gold Coast’s premium suburbs, Mermaid Beach, is seeing continued momentum in capital growth and national demand, particularly from Sydney and Melbourne buyers. Despite prestige property cooling off slightly across the country, recent sales in Mermaid Beach’s Hedges Avenue prove there is still a strong appetite for buyers.

Rents on the Gold Coast are increasing due to high demand. Realestate.com.au chief economist Nerida Conisbee said that interstate migration is driving up demand and they are seeing massive numbers of searches and visits nationally on realestate.com.au, particularly in Gold Coast suburbs.

“The Gold Coast appears to be an escape valve for Sydney’s high prices and we see very high levels of search activity from buyers and renters in Sydney looking at the area,” she said. “It’s lifestyle and affordability — what you pay to rent in Sydney near a beach is expensive but on the Gold Coast it’s much more affordable.”

One of the Gold Coast’s premium suburbs, Mermaid Beach, is seeing continued momentum in capital growth and national demand, particularly from Sydney and Melbourne buyers. Despite prestige property cooling off slightly across the country, recent sales in Mermaid Beach’s Hedges Avenue prove there is still a strong appetite for buyers. Tolemy Stevens from Harcourts Coastal Broadbeach said, “While the Sydney and Melbourne markets seem to be having their own challenges, we are seeing a lot of those high-net-worth individuals deciding to look at blue chip real estate on the Gold Coast, in particular Mermaid Beach, instead of choosing to reinvest in their own backyard.”

Bela by Mosaic is located in Mermaid Beach, less than 150 metres from prestigious Hedges Avenue and the beach

The sixth largest significant urban area in Australia, the Gold Coast boasts Queensland’s second highest and fastest growing level of economic output in the nation. The region is experiencing higher population growth than all capital cities (except for Melbourne, which it trails by only 0.1%), and has a solid employment growth performance of 23% over the past five years. Apartments have seen an incredible price growth of 21% and vacancy rates average 1.9%, both over the last five years.

An iconic lifestyle region, coupled with $25 billion public investment in infrastructure, the Gold Coast is attracting more and more noteworthy national events. The Australian Surf Lifesaving Championships, held across Burleigh Heads and Broadbeach attracted 6,000 competitors and 90,000 spectators, injecting around $20 million dollars into the local economy. The Coast’s biggest surfing event of the year the Quicksilver and Boost Mobile Pro attracted a further 50,000 people to the Coast, while the Gold Coast Film Festival boasts crowds of around 17,000 each year.

DATA SOURCES: Realestate.com.au, CoreLogic

MEDIA SOURCES:

Gold Coast Bulletin / Realestate.com.au, Gold Coast tenants forking out up to $4,000 a week in rent, 13 April 2019

Gold Coast Bulletin / Realestate.com.au, Another eye-watering sale notched on Gold Coast’s ‘Millionaires’ Row’, 15 April 2019

Gold Coast Bulletin, Gold Coast hotels nearly full as tourism booms ahead of Easter long weekend, 13 April 2019

Domain, Mermaid Beach: The Gold Coast hot spot that just keeps getting hotter, 16 April 2019