The Gold Coast Doesn’t Disappoint
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It's The Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia.
And welcome to another episode of The Real Estate Podcast, available on iHeartRadio, also on Spotify and Apple Podcasts, or wherever you get your podcast from. And it's a Thursday already. The week has literally evaporated for me. We're nearly back into another weekend. Coming up this morning, we're going to be having a look at the Gold Coast, which is marching ahead with a surge in property prices.
What factors are driving apartment prices on the Gold Coast?
With some analysts predicting median house price growth is expected to continue its rapid growth ahead. and rise by 19% through to June of 2024, taking the median house price to $915,000. Actually, last year showed Surface Paradise was the number one suburb in Australia for property turnover, with Southport and Broadbeach also making the top 20. And unfortunately, I have one of those would have, could have missed opportunities from a Gold Coast property that I'm going to share with you this morning, even though it pains me to talk about it. But I think all of us have got at least one of these stories to tell. Let's have a look at the main centre forecast with propertybuyer.com.au for Thursday the 24th of March.
We talk about the week going fast, the month is also fast disappearing. And in Sydney expecting a few showers today with 22 degrees, Melbourne expecting a partly cloudy day with 20, Brisbane expecting a dry cloudy day with 29 degrees and in Perth expecting a high of 32 with mainly fine weather. Well, there is little doubt that there is invisible money around on the Gold Coast. You might have heard about this, a Gold Coast mansion hoping to fetch $30 million, and the vendor described as an international businessman who had only spent 10 nights at the waterfront estate. Of course, it has a cinema. 3,000-bottle wine cellar and a good old-fashioned English pub, which is a bit of a juxtaposition. They don't go together necessarily, do they?
3,000 bottles of wine and an old-fashioned English pub. And it also comes fully furnished with an inventory of rare artworks and collectibles. Well, Darren Davey is the principal at Ray White Office in Labrador on the Gold Coast, and he knows a thing or two about these types of prestigious properties. G'day there, Darren. Welcome to the Real Estate Podcast.
Hi there, Craig. Thank you very much for having me.
You know, it only happens on the Gold Coast, some of these interesting properties, when they come up.
It seems that saying is more and more apt. these days on the Gold Coast, yes.
And having a look at the Sunshine Coast, last week we were talking about just the tremendous gains the Sunshine Coast has achieved. A lot of talking points, but not to be outdone, just down the road of course is the Gold Coast where you are proving in its own right to be a power player in attracting interstate migration. So what have you seen happening there over the last little
Well, not just the last little while, Craig. Our interstate migration, Queensland on a whole, has been a positive migration over the last sort of 12 months. Numbers that we're seeing coming in, you know, 30,000 coming in, obviously there's 21,000 exiting, but it's been really a positive migration of about 7,000 people per month. So amazing stuff when you think about we've got from the Commonwealth Games, we've got infrastructure. Jobs are coming back. People are starting to move with the COVID and working from home. Why not? The Gold Coast is the place to be.
And you're there in Labrador. So how long have you been in the market there? I guess you would have seen just an unbelievable change.
Well, it's funny that because my wife's family is four generations now in Labrador. The changes that have come along from the mid-1900s right through to now, ourselves being in the market for the last 30 years here, it's just been abnormal at best. Gold Coast has been one of those places that have stayed stagnant for a very, very long time. And the market would normally move, say, 2.5% a year.
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