Gold Coast Real Estate Update: Navigating Interest Rates in 2024
As we head into the last quarter of 2024, the real estate market on the Gold Coast remains buoyant despite fluctuations in interest rates over the past year. While the Reserve Bank of Australia's rate increases between 2022 and early 2023 impacted home loan costs, there are positive signs of stabilisation, which is helping to maintain confidence in the property sector.
Interest Rate Outlook
Currently, interest rates range between 5.99% and 6.30%, and there’s growing optimism that rates may decrease in the near future. A potential drop to around 4.35% has been forecasted, which would enhance buyer confidence and drive further activity in the market.
Market Resilience
The Gold Coast property market has proven remarkably resilient, with a projected growth of 4% in 2024. Median house prices have already surpassed the $1 million mark, underpinned by factors such as population growth, interstate migration, and the lifestyle appeal of the region. The demand for housing, paired with a shortage in supply, has helped sustain property values despite the higher interest rates.
How Does This Affect Buyers and Sellers?
For buyers, the outlook is promising. As interest rates stabilise or even decrease, it could become easier to secure financing, potentially leading to a more favorable environment for those looking to purchase property. Additionally, prices are expected to continue appreciating, meaning that now could be an excellent time to enter the market before further increases.
Sellers, meanwhile, continue to benefit from strong demand and limited stock, especially in key growth suburbs like Southport, Broadbeach, and Coomera. Even with slightly higher borrowing costs, the sustained demand for the Gold Coast’s coastal lifestyle ensures a healthy level of competition for properties.
Conclusion: A Bright Horizon
While the market has experienced some adjustments due to interest rates, the long-term outlook for Gold Coast real estate remains positive. With stabilizing rates, continued demand, and strong price growth projections, the region is well-positioned for a vibrant year ahead in real estate. Whether you're buying, selling, or investing, the Gold Coast market offers plenty of opportunities as we move into 2024.
If you'd like to discuss how current conditions can impact your real estate goals, feel free to reach out to our team for personalised advice!
