SEQ ready to roar: John McGrath

The Gold Coast's sub-$1 million market has been buzzing with a mix of local upgraders and southern investors and seachangers, according to estate agent John McGrath.

It has also been an excellent year for prestige property with the entry level of the region’s Top 50 Home Sales (Gold Coast Bulletin) in FY15 rising to $2.5 million from $1.323 million in FY14.

John McGrath says the China Factor – a key element in Sydney and Melbourne’s booms, is increasingly at play in Queensland and especially on the Gold Coast.

The juwai.com property portal reports purchasing intent up by 1,120% YOY, which is not surprising as more Chinese developers build locally and market their projects directly back home.

Construction on the long-awaited $1 billion Jewel hotel and apartment project at Broadbeach by its Chinese owners began in March and the first non-stop flights from the Gold Coast to China have now commenced.

"I remain very optimistic about South-East Queensland.

"The weakening dollar will boost tourism, there are a slew of new infrastructure projects underway and the economy appears to be responding to new political management.

"While the Gold Coast has always had a good international reputation, Brisbane is increasingly asserting itself as a sophisticated global city, particularly following the G20 in 2014.

"The ‘big country town’ stigma of old has been eroded by a continuing undercurrent of social, economic and cultural change.

"Once state economic conditions improve and Sydney slows further, the South-East Queensland property market will be ready to roar," he said.