For those who live on the Gold Coast, the population increase is evident daily whether it’s the painful traffic, real estate demand or the laps of the car park to try and find a spot.
While sitting bumper to bumper on the M1 we wonder where all these people are coming from?
Well, the regional movers index by the Commonwealth Bank of Australia (CBA) and the Regional Australia Institute (RAI) attempts to answer this.
The July 2023 report shows the net relocation is still occurring in our regional areas even after the pandemic.
And guess what, the Gold Coast had the second highest share of net internal migration throughout the whole of Australia.
People are leaving the capitals to join us in the traffic, compete for property and take your parking spot.
(Apologies, that sounds like a Sky news bulletin).
But what does this mean for real estate on the Gold Coast?
What this report shows is that South East Queensland has the lion share of net internal migration and most of the people are coming from the cashed up capitals.
The continuous growth from within Australia is strong enough to continue to put pressure on housing availability.
Strong demand, low supply and increased building costs will likely keep property prices continuing to grow.
My own recent experience finding a property for my clients, first home buyers has been a challenge.
A challenge to find good quality affordable properties and competing with cash ready buyers with no conditions on the contract.
I have empathy for many buyers on the Gold Coast as the competition is tough and this report supports what I see on the ground.
So, what can buyers take from this report?
The competition is not going away. Those numbers show you are not the only one that wants to live here.
You need to have an edge over other buyers in this market to get a successful outcome.
Either invest your time and money on having that edge yourself or outsource it.
Matt Gibson
August 21, 2023
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