Gold Coast property is a big deal right now. Real estate investors all over the world have their eye on this part of Queensland, Australia. Compared to other luxurious locales around the world, the Gold Coast holds its own as one of the top three areas to buy a second home according to Knight Frank’s The Wealth Report 2016. What is it that is drawing so many real estate investors in?
Reason 1: XXI Commonwealth Games
Gold Coast won the bid for the 2018 Commonwealth Games. While there’s still a couple of years to go, this celebrated event has already had an impact on the real estate market. The area offers lower prices compared to Melbourne and Sydney. The city is a convenient choice for the games because it already has 80% of the venues ready to use, and most of those are located within 20 minutes of the Parkwood Athletes Village.
Reason 2: Light Rail System Extension
The Gold Coast light rail system, or G:link, consists of 16 stations across 13km. It’s an important part of local transportation. An extension is planned in anticipation of the 2018 Commonwealth Games, which will add 7.3km, terminating at the Helensvale railway station.
Reason 3: More Shopping & Entertainment
Gold Coast property investments are up because of the growth and improvement seen in the area. A $345 million update is planned for the Jupiters Hotel and Casino, and plans are in place for the construction of a new casino, too. Meanwhile, the recent $670 million upgrade to Pacific Fair shopping centre will provide a greater choice of shopping, dining and entertainment for residents and tourists.
Reason 4: Growing Tourism Industry
A number of factors have helped the Gold Coast’s tourism industry flourish. It’s more affordable than other popular Australian cities, yet offers a number of attractions and a solid infrastructure with public transit. The lower value Australian dollar makes it an attractive spot for foreign travellers as well as oversea investors.
Reason 5: Better Gold Coast Property Availability
Buyers in some cities are finding it challenging to obtain financing. For example, Brisbane is headed towards an oversupply according to Byy Lummus, president of Sustainable Development Gold Coast. This causes banks to become more stringent when financing apartment developments. As a result, investors start moving to less saturated locations like the Gold Coast. This means more opportunities and easier financing.
Finance Your Gold Coast Property
Australia’s Gold Coast is an exciting place to live and work. There’s a lot to love now, with much more on the horizon. Jump in before prices increase, in order to receive the best return on your investment. Contact Catrina at Seajay Mortgage Brokers to learn more about Gold Coast property financing.