Queensland’s Valuer General has recently released annual valuations for more than 141,000 properties in the city, showing land values on October 1 last year had increased by 14.4 per cent.
The Gold Coast suffered more than most during the GFC, courtesy of the collapse in the building sector as well as a sky-high Australian dollar during that time.
The market is improving due to a combination of factors, including different infrastructure projects in hospitals, universities and high demands in high rises, which is underpinning sales and prices growth.
The areas that are enjoying the most increases are Runaway Bay (up 25%), Broadbeach (up 25%), Billinga (up 24.4 per cent) and Labrador (up 22.9 per cent).
The Gold Coast was one of QLD’s strongest performers in 2015 with data showing strengthening sales.
Local real estate agents & other analysts predict prices will continue to rise leading into the 2018 Commonwealth Games.
Rental Market under pressure in Brisbane
Brisbane’s sluggish price growth overall is not the only thing disappointing investors.
Vacancy rates have started to rise in 2016, while rents remained stagnant during Jan to Mar and over the past 12 months, median rents for houses fell by 0.7% and units recorded a 1.2% drop in weekly rent.
There’s substantial new dwelling supply coming to the market at a time when the rate of population growth is slowing.