By Real Estate Institute of Queensland Gold Coast zone chairman John Newlands
I RECENTLY attended a Real Estate Institute of Queensland zone breakfast which featured a guest speaker from GoldlinQ, the company responsible for Queensland’s first light rail system.
The communication and stakeholder director addressed agents on the rationale behind the light rail project and how it had been on the agenda since 2004.
It was explained that the concept was aligned with the council’s desire to create a more dense style of living on the Gold Coast, particularly in areas with solid infrastructure and growth potential.
From a real estate perspective, it is clear to see suburbs in close vicinity to the light rail, such as Southport, continue to strengthen.
According to the latest REIQ data, this central Gold Coast suburb posted a 10.3 per cent increase to $430,000 over the March quarter.
The suburbs are tipped to become key growth areas thanks to their accessibility and new and impending infrastructure projects. It’s not surprising to learn the Gold Coast’s 20-year plan is to shift to a high density, high capacity model, presumably to accommodate for a new generation of buyers seeking low-maintenance and centrally-located property.
The Coast has a positive future ahead with the light rail due to start operation mid-2014 as well as the region posting its second consecutive quarter of positive growth with its median house price increasing 2.2 per cent to $475,000 over the March quarter.
The turnaround is underpinned by a resurgence of confidence in the marketplace and the tourism market is steadily picking up.
Last quarter it was clear the market had nearly stabilised, however, the latest results demonstrate a very clear message — the Gold Coast is set for growth and is on its way back up.
