The sandy beaches, sunshine and laid-back lifestyle has long made the Gold Coast a tourist hotspot and great place to live.
At the start of the year, the forecast for the Gold Coast property market looked very positive. But as we’ve seen both nationally and internationally, predictions of economic strength and even life as we know it can change in the blink of an eye.
Estimated settled sales in Australia plunged a dramatic 40% in April as confidence withered away, buyers withdrew from the market and property listings dried up.
Read more from a Gold Coast Accountant on how to monitor the Gold Coast property market in 2020.
Factors of the Gold Coast property market
The Gold Coast has been prime real estate and a popular tourist destination for many years.
A handful of what makes the Gold Coast so great:
- Future economic prospects
Our great exposure is with the Chinese market in tourism, education and foreign property purchases – but what about when pandemic hits and the world can no longer travel, and is it all doom and gloom?
A not so gloomy forecast
CEO of The Real Estate Institute of Queensland, Antonia Mercorella believes the Gold Coast property market may avoid a significant downturn during the COVID-19 pandemic.
It’s forecasted that a number of interstate property buyers will chase a sea change, focusing in on our envious coastline, and Gold Coast lifestyle.
Here’s how the Gold Coast property market may attract buyers once this is over:
- Our climate is remarkable
- Mortgages are generally lower than other states
- Less overall financial stress because our dollars go further.
Mercorella says the data presented doesn’t entirely match the doom and gloom of the Gold Coast property market that people are hearing. However, the full impact on the Australian market won’t be available for some time.
Selling, buying and investing during a pandemic
“Should I buy or sell a property right now?” This is proving to be a very popular search term online.
Economists might tell you that if you are or were thinking of selling before the pandemic, it’s time to hold off for now.
Property investors and first-time buyers alike, however, may benefit because of:
- Current and predictions of future property price decrease, and
- Competition falling away.
The national monthly price growth pace more than halved from 0.7% in March 2020 to 0.3% in April.
In good news, an early return of Australian economic activity and our efforts in flattening the curve should lift consumer spirits soon and see the Gold Coast property market spring back to life.
Your Gold Coast Accountant is here every step of the way with accounting solutions.
Property accounting services with a Gold Coast Accountant
Navigating the Gold Coast property market during a pandemic doesn’t have to be all doom and gloom, especially when you have a trusted Gold Coast Accountant to guide you.
Here’s how Crest Accountants can help:
- Investment portfolio structuring
- Property purchase planning
- Property tax returns and Capital Gains planning
- Cashflow and forecasting.
With transparent accounting in the Gold Coast, the sun will shine on your Gold Coast property dreams with confident property planning solutions from a Gold Coast Accountant.
Need help with property accounting services?
Contact Crest Accountants today for professional accounting and tax advice to reach your property goals in 2020.
Disclaimer: This blog post is intended to provide a general summary only; the information should not be relied on as a substitute for professional advice.