Gold Coast 30 Year House Sales Cycle 2011
From June 2001 dramatic increases in property prices for the Gold Coast market occurred, whereby median price increased from $205,000 to $410,000 by June 2004. This increase represented a compounding growth rate of 26% per annum and correlated with the completion of the Gold Coast to Brisbane Highway extension.
The median price of housing experienced another rapid surge in price growth to a record median price of $528,500 across the Gold Coast in June 2008, before experiencing a fall to $480,000 as at December 2008 due to the loss of confidence through the credit crisis.
Over the most recent twelve month period ending June 2010, we have seen the Australian economy gain stability from the turmoil of the GFC. The withdrawal of government incentives coupled with increasing interest rates, has resulted in a shift in the buyer demographic of the Gold Coast property market. From first home buyers and a heavy focus toward the affordable end of the market throughout 2008 and early 2009, the current buyer demographic is now more investor focused, with buyers willing to consider slightly higher price brackets.
From 2008 the Gold Coast Local Government Area boundaries were reset to exclude suburbs such as Beenleigh to the north. This effect has decreased total activity but should reflect a more realistic median price. This graph contains data up to June 2011.