On a global scale, the year that we left behind was a year of tumultuous change, in health and economies.
On a local scale, the Gold Coast property market saw interesting and actually quite positive performance.
Yet, with a new year, comes new challenges, new hope and new market factors and demands.
Want to take a sneak peek into Gold Coast property market predictions for 2021? Read more from your Gold Coast Accountant and property accounting specialists at Crest Accountants to find out more.
Market growth is predicted
The year is teaming up to be an exciting and fast-paced one for the Gold Coast and South-East Queensland property market.
There was a major demographic shift to the Sunshine State in 2020, which is predicted to lead to tightly held markets and snapped up properties when they do go live.
The statistics that point to continual growth:
- In late 2020, the ABS reported Queensland as a State had a net gain of more than 22,000 people in 2020. That’s almost double the 10-year average of 12,409.
- ANZ have come out stating Brisbane house prices are to grow by 9.5% in 2021.
The golden setting of the Gold Coast property market
There’s plenty of factors in play as to why many interstate and international investors are attracted to the Gold Coast and general South-East Queensland region.
Here’s some of them:
- Historically low interest rates
- Heightened consumer confidence
- A focus on infrastructure investment.
Dealing with the health crisis has been so important to the Queensland Government and 2021 is the year to come out on the other side – hopeful, motivated and thriving.
What else is on the cards?
For first-time property buyers:
Remember to be aware of extra costs associated with purchasing a property and obtaining a loan.
According to realestate.com, “first homebuyers will also need to be more astute and disciplined this year to withstand mounting pressure to make snappy purchasing decisions as house prices across the Gold Coast continue to rise.”
While demand for inner-city apartment rentals have dropped, demand for rentals in the outer suburbs and regional areas has increased. There looks to be significant competition amongst landlords to secure tenants.
Managing director of Mosaic Property Group throws a pinch of caution into the optimism of the current and predicted property market in 2021:
“If you’re an investor, you must be buying product that the local market wants to live in. Don’t buy based on someone telling you a good investment yield story…
If you’re not buying what the locals are buying into, you are not going to get the same yield or capital growth this cycle.”
Property accounting services with a Gold Coast Accountant
Crest Accountants are here to help you understand and manage your property accounting requirements. Whether you’re looking to enter the market as a first-timer, upgrade to a family home, sell or invest – a Gold Coast Accountant will help you through the process.
Contact Crest Accountants today to discover property accounting services, personal and business accounting solutions to manage your finances in 2021 and beyond.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.