Market Update for Queensland Growth and Rental Demand
There has been an influx of reports, reiterating the desirability of South-East Queensland's coastal markets - The Sunshine Coast and Gold Coast.
In a recent article, The Australian Financial Review highlighted the record numbers of CEOs, entrepreneurs and rich listers fleeing Melbourne and heading straight for the sunshine state, Queensland. The most common reason - owning property in Qld, followed by the freedom of running their business from home or the flexibility of no longer having to be in an office.
The Gold Coast Bulletin reported that COVID-weary southern residents are so desperate to escape their pandemic-ravaged states they are buying Gold Coast properties sight unseen, with agents saying calls have quadrupled. Similarly, ABC news reported that an increasing number of families from Melbourne and Sydney are quitting the city for sunshine and space in Queensland.
So too, those who would typically enjoy a yearly summer holiday in Europe or a ski retreat in Aspen, are now unable to do so due to global travel restrictions, and due to health reasons, wouldn't do so even if they could. This then opens the market up to holiday homes - if you're going to be in lockdown, the warm climate and lifestyle benefits of the Sunshine Coast or Gold Coast is far more appealing.
Demographer Bernard Salt said the COVID-19 pandemic had only accelerated a trend of Victorians relocating to the Gold Coast.
"COVID has been a circuit breaker and people are deciding it is not just about moving to a less infected state but it is about making a life decision now, crystallising the thinking of a lot of people to leap into a lifestyle property," says Mr Salt.
COVID-19 has certainly changed the way we live, work and holiday, creating immense growth opportunities for already strong performing markets such as South-East Queensland's coastal markets. The Sunshine Coast and Gold Coast hold strong appeal, providing an array of lifestyle benefits; it's no wonder why our interstate counterparts are opting to move.
Investors Choice Group: The Property Choice, Finance Strategy & Capital Growth Specialists - Speak to a consultant today.