The Golden Triangle, South-East Queensland’s property haven is a region experiencing significantly strong property market growth. Stretching from the Sunshine Coast, down through Brisbane to the Gold Coast and out to Ipswich and Toowoomba, it’s a region with strong population growth, strong government infrastructure spending and healthy economic outlook. But one area is outperforming the others – in a big way. Where is it?
The Gold Coast.
The Gold Coast has experienced increasable year on year price growth of 7.4% according to the Domain Group. Compared this to Brisbane’s healthy market growth of 3.1%, it shows that this is a very strong property region. But why is it happening now?
Domain’s chief economist Andrew Wilson said rising growth on the southern stretch of coast indicated the city’s housing market was no longer tied to the state’s capital.
“These things usually track each other up and down marginally but it has broken apart … In the last 10 to 15 years we haven’t seen a disengagement like this,” he said. “We’ve got a clear breaking away, if you look at the cycles this is not a short-term blip.”
Strong government investment in infrastructure ahead of the Commonwealth Games and international and interstate attention were adding to the Gold Coast’s appeal. Dr Wilson predicted that the Gold Coast would continue its upward trajectory, separate from what goes in Brisbane, but added the cities’ economies’ would remain linked in other ways.
“What drives the Gold Coast is slightly different to the Brisbane market, but I think the Gold Coast is converging geographically with Brisbane, it may end up being a higher price point area of Brisbane,” he said. “It’s a 40-minute drive and all you have to do is look at the traffic at peak times … it’s a car park. It’s an inevitability.”
With the median Gold Coast house sale price sitting at $613,500, we can expect that it will continue to grow. Potentially with the opportunity to surpass Brisbane’s prices on a sustainable, long-term basis.