Tourism driving resurgent Gold Coast market: Ray White

The Gold Coast’s resurgent tourism market has proven to be one of the biggest drivers of the property market, according to one of the larger agents on the Gold Coast, Ray White Surfers Paradise.

A total of 163 sales to offshore and interstate buyers were recorded by the agency over the September quarter, 49% of their total transactions. This is an increase of 35% on their 2013 September quarter sales to these categories.

“In the past few months we have witnessed a significant rise in buyers from interstate or overseas,” said Ray White Surfers Paradise CEO Andrew Bell.

“This shows how significant the national and international markets are for the Gold Coast right now. Many buyers, particularly from Sydney and Melbourne, are well-heeled having reaped the rewards of property price growth in their own cities.”

Bell explained that Sydney and Melbourne buyers see the Gold Coast as in a recovery swing and currently representing good value.

In the past year, the agency has sold more than 300 properties to Chinese buyers, aligning with international tourism figures being up 5.5% for the Gold Coast, with Malaysian tourism up 40%.

“There is also an increasing number of people deciding to move here permanently, encouraged by more affordable real estate on the Gold Coast than in the southern states,” Bell said.

“For example, many Sydneysiders can sell their current home, free up equity and then move to a similar-standard property on the Gold Coast with enough money to spare for an investment."