Key drivers for Central Gold Coast property market to be impacted by COVID-19 pandemic: HTW residential

Key drivers for Central Gold Coast property market to be impacted by COVID-19 pandemic: HTW residential
Key drivers for Central Gold Coast property market to be impacted by COVID-19 pandemic: HTW residential

Up until the recent outbreak of the Coronavirus, it appeared that there was a sense of confidence in the central Gold Coast local property market from both investors and owner-occupiers, according to a recent Herron Todd White (HTW) residential report. 

The current COVID-19 epidemic is going to have a negative impact on key drivers, so it will be interesting to see what impact this may have on the property market in the short to medium term, the valuation firm said.

The report notes local agents had been reporting good levels of buyer enquiry for a broad range of residential property in the first couple months of 2020 which has been positive.

This level of optimism can be attributed to the low interest rate environment and to some extent, the latest upturn in the Sydney and Melbourne housing markets.

With some signs indicating these capital cities being on the bounce again, many buyers have been turning their attention to the central Gold Coast area due to the attractive price points.

"The key local drivers for this region include a wide array of lifestyle options, with good accessibility to amenities and greater job opportunities (compared with the quieter coastal and rural districts)," the valuation firm said. 

"In light of recent events (Coronavirus and the subsequent stock market falls) it will become more apparent that buyers will be paying greater attention to national economic indicators but these buyers will also need to focus on local concerns," the valuation firm said. 

The central Gold Coast region is heavily reliant on the construction and tourism industries, the report noted. 

These industries support a huge amount of the population for the area in terms of providing jobs and stability for the local economy.

"It will be interesting to see how these industries fare in the next few months and what impact it will bring on the local property market if the recent events continue to escalate," the valuation firm said. 

A two bedroom townhouse in Gold Coast's inner city suburb Bundall has recently been sold for $526,000.

The 6/9 Freyburg Street home (pictured below) comprises open plan living and dining, two bedrooms with a shared balcony, courtyard and two car accommodation. 

It's situated within walking distance to shops and restaurants. 

Key drivers for Central Gold Coast property market to be impacted by COVID-19 pandemic: HTW residential

A current listing is a Surfers Paradise beachside apartment priced at $399,000.

The two bedroom, two bathroom home is situated at 10 Vista Street (pictured below). 

It features north facing balcony, sliding doors and windows, open plan living and skyline views. 

Key drivers for Central Gold Coast property market to be impacted by COVID-19 pandemic: HTW residential

Note regards COVID-19
This edition of Month In Review had its topic defined in late February with submissions from our offices collated through to late March. During this period, shifts in the social and economic landscape due to COVID-19 became increasingly dramatic, as demonstrated by the varied information provided by offices over the course of three weeks.
This month’s residential theme on baseline property market drivers remains a common thread, and provides an indication of what influences to monitor as the property sector recovers post-crisis.
Tags: 
Gold Coast Htw

Comments

Be the first one to comment on this article
What would you like to say about this project?