Here's the latest Brisbane property news. I'm also covering Gold Coast property news today because I'm committed to bringing you Brisbane property news every month and covering the Gold Coast feels like a natural extension to Brisbane property news updates.
The recent sale of a penthouse apartment for $8 million was the biggest real estate deal of 2015 on the Gold Coast. The apartment, part of The Oracle complex in popular Broadbeach (pictured above), might seem pricey, but not when you consider that only five years ago it was listed for sale at 9.9 million.
When Oracle property developers got into financial trouble the receivers moved in but now only three of the apartment are still on the market.
It appears that the GFC is well and truly behind us. Gavin McPherson, the chief executive of Oasis Property buyer's agents, was even quoted in the Brisbane Courier Mail on 19 September 2015 predicting "double digit growth" for Brisbane and the Gold Coast.
So what's driving the Brisbane to Gold Coast property growth and how long will it last?
Well the first part of that question is easy to answer. According to the latest Brisbane property news and reports from agents and financial advisers, there are three key conditions driving the boom:
1. Foreign investors
With a highly advantageous exchange rate and low Australian dollar the foreign investors are back. There's strong interest in Australian property from Chinese buyers, developers and investors with Brisbane and the Gold Coast are a popular choice because of the great climate, fine beaches and easy going lifestyle.
Just a few years ago the Gold Coast was a mess with the development of the Gold Coast light rail causing major upheaval in tourist areas. Now the light rail is complete the Gold Coast feels like a new place. The construction provided a major boost to a struggling economy and the completed project makes getting round the Gold Coast easy.
Couple this attractive lifestyle or holiday destination with great exchange rates and it's easy to see why foreign Gold Coast property investors are on the rise.
2. Sydney and Melbourne prices are sky high
Compared to property prices in Sydney and Melbourne, Brisbane and Gold Coast property prices look great. While our bigger, wealthier rival cities have higher property prices that's not always a good thing.
Some property buyers have been priced out of the market and want to buy elsewhere. Other property owners have decided to cash up while they can and finally embarked on the sea or tree change they've been dreaming of for years.
Either way it's pushing demand for property in Brisbane and the Gold Coast and fueling rising property prices in Queensland.
3. Low interest rates
Low interest rates aren't news, but now they've been in place for a few years, Australians are getting used to them. For property buyers who need to take out a mortgage it's still a great time to buy, especially as there's no sign of an imminent rise in interest rates. In fact, interest rates are predicted to get lower still.
So compared to other markets Brisbane and Gold Coast property offers excellent value, both for overseas investors and for local investors or home owners.
But how long will the boom last?
No one can answer that but with these three elements firmly in place there are no indications that the Brisbane and Gold Coast property market will crash anytime soon. I'll be keeping a beady eye on the Queensland property markets and bringing you more Brisbane property news as it unfolds.
In the meantime, if you're looking for property in Australia, Brisbane and Gold Coast properties should be firmly on your radar.
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