It has been a tough year for real estate but Gold Coast homeowners can rest easy knowing property values are on the rise.
CoreLogic’s latest home value index figures show Gold Coast dwelling prices climbed 1.2 per cent in January to a median value of $543,746.
It was higher than the national monthly growth rate, which was 0.9 per cent, and Brisbane’s, which was 0.5 per cent.
The city recorded a 2.5 per cent growth rate for the quarter and 3.1 per cent for the year.
Real Estate Institute of Queensland Gold Coast zone chairman Andrew Henderson said it likely reflected the change in buyers and their confidence in the market following the May federal election.
He said the Coast was likely to see more strong growth off the back of migration to the city and a healthy economy.
“There continues to be employment opportunities, there continues to be people who are able to move here … and enjoy the lifestyle because they have good working arrangements,” he said.
“Those big infrastructure projects are good for the community as well.”
Further north, Brisbane’s home values were at a new record high and continuing to climb following its 0.5 per cent increase in January to a median value of $499,691.
Home values also rose 0.8 per cent across regional Queensland.
The national home value’s 0.9 per cent increase took the annual growth rate to 4.1 per cent – the fastest in a twelve month period since December 2017.
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The index showed home values increased across every capital city and region in the first month of the year apart from regional South Australia, where values held steady.
CoreLogic Asia Pacific director of research Tim Lawless said the rising values in some capital cities were unsustainable despite growth rates tapering, which was worsening housing affordability.
“Smaller cities, including key affordable regional markets where economic and demographic trends are healthy, may offer some insulation from these affordability constraints,” he said.
“Looking ahead, interest rates are expected to see further reductions, which, along with consistently strong population growth, is likely to continue to support housing demand.”
Originally published by Jessica Brown in The Gold Coast Bulletin HERE.