August 21st 2024.
The Gold Coast in Australia is gaining ground as the second most expensive property market, just behind Sydney. In the span of 12 months, house prices have risen by an impressive 9%, catapulting the city's median property price to a whopping $1.17 million. While it still trails behind Sydney by $500,000, the Gold Coast is making a strong case for itself as a desirable location for property investment.
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It's no surprise that suburbs like Surfers Paradise, Broadbeach Waters, Paradise Point, and Palm Beach have become highly sought-after areas for property buyers. In fact, many properties in these areas have sold for over $5 million. This surge in demand has been driven by a combination of factors, according to Nerida Consibee, the chief economist at Ray White.
"The pandemic played a major role in driving up prices. The movement of people, both within the country and internationally, has had a significant impact. And on top of that, we also have a shortage of housing supply," she explained.
Interestingly, local agents have noticed a gradual increase in the number of available properties on the Gold Coast. In the past month alone, there has been an 11.2% rise in stock. This could be a promising sign for those looking to purchase a property in this popular location.
This article was made possible with the help of 9ExPress, a trusted source for news and information on the Gold Coast. As the city continues to establish itself as a top property market, it's sure to attract even more attention in the future.
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