Gold Coast – Australia’s most popular city

Gold Coast – Australia’s most popular city

IT will come as no surprise to locals, but the Gold Coast has won the country’s popularity contest. The city has benefited from the biggest amount of internal migration, with Australian’s seeking the sunshine choosing the Glitter Strip to settle down. Plus the interstate migration is bolstering property prices, according to new research by real estate market analyst Propertyology. “Number one on Australia’s popularity winners’ list is the Gold Coast,” Propertyology head of research Simon Pressley said.

“With a median house price that’s only 60 per cent the cost of Sydney, the Gold Coast attracted 7441 new residents from other parts of Australia last year.

“Housing affordability pressures, congestion and commute times are the common causes for people choosing to relocate away from Sydney and Melbourne.”

The report listed Sydney’s median house price as $950,000 while the Gold Coast’s median was $630,000.

Ray White Surfers Paradise chief executive officer Andrew Bell said interstate migration had been the backbone of the Gold Coast property market for four decades.

“In the early days, people were buying holiday homes or apartments because they loved the Gold Coast and loved holidaying here, but their primary residence was always interstate, largely Sydney or Melbourne,” he said.

“Those people were largely Baby Boomers and that generation has reached a new phase — retirement.

“These are people who are looking for quality of life, places that offer great entertainment and recreation and good places for them to live and travel extensively and the Gold Coast perfectly fits that bill.”

Mr Bell said price differences meant retirees were selling up interstate, buying on the Gold Coast and pocketing the difference.

“But we are not talking about filling our nursing homes … they are early retirees who are still young,” he said.

“This is an injection of wealth into our community.”

Real Estate director Alex Phillis said his family chased the sun and relocated from Adelaide.He said interstate buyers were willing to splash extra cash to secure the Gold Coast’s lifestyle, especially the over 50s.

“They want it all, they want waterfront, a pool, the boating lifestyle,” Mr Phillis said. “Half the time it’s just two people buying a five-bedroom house knowing the kids or grandkids will come up.

“And if they are paying a little bit more than the locals than so be it … they want to come up and have some fun.”

Interstate migration to Queensland continues to accelerate, contributing 28,668 to the state’s population growth for the year ending June 2018, Mr Pressley said.

Meanwhile, a record 27,434 Australians chose to relocate away from Sydney.

Source: www.realestate.com.au