Gold Coast real estate industry entering a fascinating new era

Gold Coast real estate industry heavyweight Andrew Bell says the Gold Coast is entering a ‘fascinating’ new era driven by southern buyers wanting to pack up and move to Queensland in the wake of the Covid pandemic.

Mr Bell, who heads Queensland’s largest real estate agency, the Ray White Surfers Paradise Group, sold nine properties last weekend – most of which were sold sight unseen, or through virtual inspections – to people from NSW, Victoria and the ACT.

“Since a second phase of Covid has accelerated in the last few weeks we have seen a dramatic increase in the number of buyers purchasing here from southern states,” said Mr Bell.

“Generally these people are aged 60 plus, they see Queensland as a safer place to be, and have said to themselves ‘Why am I living here, I’m moving to Queensland’. It’s as simple as that.

“We are finding that people who are now reassessing their lives and choosing to move to Queensland is something that’s driving the current strong activity seen in the market.”

In another sign of strength in the Gold Coast’s property market, in latest RWSP Group auctions, held yesterday (July 30), nine of the 12 properties auctioned sold on auction day to local and interstate buyers.

“The current Covid climate is certainly having a fascinating knock-on effect for the Gold Coast property market,” said Mr Bell.

“As buyers are now spending more time at home and less time travelling, they are wanting to find properties that better suit their current lifestyle and living arrangements.

“There was a wide range of properties sold in yesterday’s auction including apartments and units that people want to reside in as part of a downsizer or retirement strategy.

The properties sold under the hammer included apartments in Surfers Paradise, units in Hope Island and family homes in Southport and Ashmore.

The latest trend of southerners choosing to move to Queensland follows the release of recent data from online property site Hotspotting’s ‘Winter 2020 Survey’, which revealed there were 54 growth regions across Queensland.

The Gold Coast witnessed the greatest growth of all regions with 10 suburbs witnessing rising sales activity – more than all the other growth areas across the state.

Mr Bell said Ray White Surfers Paradise Group are now seeing an increase in the volume of stock coming on the market for sale, with listings up 30 per cent this month compared to other months this year.