Gold Coast Property Prices Surge Past $2 Million as Demand Outpaces Supply
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What is driving the surge in Gold Coast property prices?
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It is your real estate property show right across Australia from Mackay and Rockhampton to Canberra and Hobart. Gee, we haven't heard from Hobart for a while. Good morning if you are in Tassie. And we are streaming on your favourite platforms like Spotify and Apple Podcasts. And don't forget about our voice message service. super easy. The link is below in the show notes. You might have a real estate tip for everybody, or you just might want to tell us how your property journey is shaping up and going. And of course, you can send us an email as well. It is a Thursday morning, February the 5th, And unfortunately, since Tuesday, you have probably been working out your expenses to cover the RBA's cash rate increase, making mortgages across Australia more expensive.
Yeah. RBA's target for inflation is 2.5% and data for the December quarter showed year-ended headline inflation was 3.6%, underlying inflation was 3.4%. High inflation hurts all Australians. The board now thinks it will take longer for inflation to return to target. So a lot of people are hoping the Reserve Bank is one and done with the rate hikes. But should they be expecting the RBA to undo or reverse more of last year's rate cuts? The board has taken a cautious approach. They've made one rate rise this time. And we'll observe now what happens to financial conditions. We're already observing some tightening in financial conditions, including through the exchange rate a bit. And we'll wait and see what the response of some of the credit banks
housing, those sorts of things. I'm not predicting there'll be more rate rises but I'm also not saying that if inflation does remain too high that there mightn't be. Now I know this is not the news that Australians with mortgages want to hear but it is the right thing for the economy. I do understand that for mortgage holders, this isn't a great outcome. Having said that, what's also not great for them or for anyone else is if inflation remains elevated. The price level has gone up 20% to 25% over the last few years. That's, I think, what's hurting people.
How are lifestyle choices influencing property demand on the Gold Coast?
The board still has basically the same strategy. They're still looking to bring inflation down without giving up so many of the gains we've had. This interest rate rise, it comes across quite negatively. We're actually in a really good position. The labour market is really strong and domestic demand is recovery. These are good things, but it's just that we're supply constrained.
That is Michelle Bullock from the press conference on Tuesday afternoon. Some of Australia's most... Desirable lifestyle markets have just gone into another gear and it's happened rather fast. Just when you think, surely there is not another gear in this motor vehicle. We're talking house prices jumping hundreds of thousands of dollars in a single quarter, as reported by Domain. Coastal hotspots, lifestyle suburbs, even once safe areas. middle ring areas are suddenly out of reach for a lot of buyers and the speed of it is what's really catching people off guard just as you think you've seen everything you haven't as it turns out let's take you to the gold coast and catch up with josh logan pie from ray white in surfers paradise
We might have an increase in mortgages, but let's bring in some of the golden sand and sunshine on our Thursday morning and welcome into the real estate breakfast. And how was that Christmas New Year vibe on the Goldie this year?
Yeah, thanks, Craig. As everyone would know, the Gold Coast is just an absolute beautiful place to be over that Christmas time and that New Year period. But we saw a huge amount of tourists coming into the area. We see a lot of people at that time of year flocking in, enjoying the beautiful weather and the sand. But a lot of people are looking up here to move. A lot of people coming through our inspections and our open homes and having that curiosity bugs when they move up here to really start envisioning themselves living up here.
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Chapters
7 chapters
1
What is driving the surge in Gold Coast property prices?
0:02–2:23
2
How are lifestyle choices influencing property demand on the Gold Coast?
2:23–5:01
3
What factors are contributing to the $330,000 price jump in just 90 days?
5:01–6:38
4
How is the construction boom affecting the Gold Coast real estate market?
6:38–8:37
5
What role does interstate migration play in Gold Coast property trends?
8:37–11:09
6
How are investors shaping the current property market dynamics?
11:09–12:58
7
What lifestyle amenities are attracting buyers to the Gold Coast?
12:58–14:58
Speakers
3 identifiedMore from Aussie Real Estate Podcast
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