The Gold Coast property market looks to set stiff competition for investors if recent reports from CoreLogic and Domain turn out to be correct . Both local and overseas investors are looking to buy in to the property boom happening all across the Gold and Sunshine coasts as 2016 comes to a close.
A report by The Australian claims that the recent number of Americans looking at Australian homes online since the presidential election has surged, with both coastal areas and our country's most popular suburbs finding interest from potential investors.
According to The Australian, the most popular suburbs for overseas buyers include Noosa Heads, Surfers Paradise and Bondi. This comes at a time when overseas commercial investment is already at a high from a recent announcement to build a $600million theme park on the Gold Coast by Chinese entertainment group, Songcheng.
Interest in Australian property was said to have spiked in California, New York and Texas, amongst others.
On local turf, Domain recently covered a surge in property investment from buyers in Sydney and Melbourne, looking at the suburbs that saw sales of over $2million.
Data from Domain Group revealed which areas had seen the most successful sales so far this year, with Surfers Paradise heading up the list.
With an incredible 53 properties selling for over $2million, Domain reports Surfers Paradise and the rest of the Gold Coast were attractive to investors, who are seeing the potential of the area's real estate.
Noosaville on the Sunshine Coast came in second, clocking 49 sales over the $2million mark this year, with Noosa Heads only just behind with 44 sales.
The sentiment that now is a good time for residential and commercial property investment was echoed by a press release from CoreLogic and TEG Rewards recently, as a recent housing survey concluded nearly 70 per cent of the Australian public believe now is an opportune moment to buy a property, despite prices steadily increasing at the end of over four years of growth.
According to CoreLogic, the regions' property values peaked and entered a downturn, leading to high buyer confidence from respondents. However, not all the results were so optimistic. While 70 per cent of Melbourne and nearly 75 per cent of Sydney respondents thought it was a good time to sell, the same response only found support from 20 per cent of those in Perth and the Northern Territory.
CoreLogic Head of Research Tim Lawless said that "the divergent results highlight the importance many Australian's place on home ownership and/or the investment potential of housing."
"Perceptions around selling a home have weakened over the past twelve months which is likely attributable to slower housing market conditions across many markets. CoreLogic data shows that transaction numbers have been moderating across most capital cities however auction clearance rates are close to record highs and newly advertised listing numbers are tracking lower than a year ago nationally," he said.
The survey also looked to the future, exploring which direction the public felt property prices and rental rates were expected to move. Overall, responses are optimistic, with the majority believing prices will remain fairly steady in the coming year, with some regions still optimistic about further growth over the next 12 months.
It's no surprise that the Gold Coast is seeing increasing investment from both locals, overseas investors and our regional neighbours, making now a prime time to start looking at your own slice of commercial investment on the Coast. Get in touch with the commercial team at Ray White Surfers Paradise today if you'd like to know more.