Growth in Gold Coast housing prices continues in July 2023
While the housing market experienced a slight dip in values late last year and early in 2023, as increasing interest rates and cooling demand started to bite, data released by Corelogic today suggests that property prices are again on the rise - with the Gold Coast a particular stand-out performer.
The data shows that the rate of growth in many key areas across the nation slowed somewhat in July - largely driven by a sluggish uptick in Sydney, but Corelogic's Home Value Index (HVI) still registered a 0.7% increase in value overall. This marks the fifth consecutive month of growth. Of course, as to whether that rate of growth is ahead of CPI is a different question, but the trend is upward.
Where this is interesting to the Queensland investors who we service is that Brisbane experienced an accelerating rate of growth, equal to Adelaide as the top-performing capital city with a 1.4% rise. Similarly, the sunny Gold Coast has outperformed all other major regional cities in the past three months. Between the start of April 2023 and the end of July 2023, housing values on the Gold Coast have increased by a healthy 4.0%.
Now, we're all acutely aware that a large number of fixed-rate loans secured during the pandemic era are on the verge of being refinanced into higher-interest packages, which could adversely affect growth going forward. Beyond that, housing policies being discussed at the state and national level could sway values, as could continued pressure on building companies - many of which are struggling to turn a profit on entry-level builds. As always, constraints or increases in supply and migratory pressures could also impact values going forward. Right now, though, the Queensland - and particularly the Gold Coast - housing markets look to be robustly retaining value.
For more on Corelogic's latest report, see their July 2023 overview here: