Gold Coast- Australia's Coastal Paradise
Home to Australia’s surfer’s paradise, Lamington National Park, theme parks, and night markets, the Gold Coast is a top travel destination for travelers worldwide. Statistics revealed in 2018 that tourist numbers increased by 7.2% to 3.8 million., while business travelers experienced the strongest growth at 37%, an increase to 5.42 million. Revenue generated from local and international tourists combined reached 4.94 billion AUD, up 19.2% year on year.
Attraction to new immigrants
Strong tourism growth with high quality education and medical systems have attracted a number of immigrants to the Gold Coast. Australian real estate expert, John McGrath, wrote in a column in Switzer Daily, that Australia is the most desirable country for immigrants in 2018. The Gold Coast now has more than 5,374 immigrants, ranking 2nd in Queensland. New Zealanders and the British are the top 2 immigrants population with the Chinese following as 3rd.
The 2018 Commonwealth Games by the British Commonwealth brought a strong economic growth to the region. Griffith University’s research revealed that the games brought over 1.8 billion AUD of revenue to Australia and 2.5 billion AUD alone to the Queensland region.
Gold Coast has a number of new infrastructure facilities under current development. Besides the railway expansion and improvements to its international airport, Topgolf golf & entertainment center and a handful of theme parks, have opened in 2018 where some will undergo full operation by 2019 to 2020. Such projects will increase the attractiveness of the city and generate a higher revenue from its tourism sector.
Rising Property Market
The Commonwealth Game injected vibrancy into Gold Coast’s property market. Knight Frank reported in its 2018 Prime Global Cities Index that Gold Coast places 42nd in the top 50 fastest growing luxury markets on the globe. Main Beach on the Gold Coast’s hosted the highest property transaction in 2018 at 8.25 million AUD, the 3rd most expensive transaction for a freehold condo in the history of the Gold Coast.
In 2018, Gold Coast recorded the largest property price increase in 2018. In 2018 REA revealed that mid-range beach side properties in the suburbs of Gold Coast increased 29.2% to 14.3 million AUD.
Queensland Property Report 2018 to 2021, predicts that from 2017 to 2021, property prices will increase 9.4% and reach 6.9 million AUD by mid 2021.