PHOTO: The Real Estate Institute of Queensland says there’s been a significant increase in activity from first home buyers in recent months (ABC Gold Coast: Dominic Cansdale)
A surge in first home buyers is set to fuel house price hikes, with the Real Estate Institute of Queensland (REIQ) tipping property values will “increase dramatically” in 2021.
Key points:
- Real Estate Institute Queensland expects Gold Coast property prices to “increase dramatically” in 2021
- Gold Coast suburb of Clear Island Waters, values have jumped 11.3 per cent year-on-year
- Home loans for first home buyers across Queensland skyrocketed 41 per cent in September
It follows a 40 per cent surge in first home buyers entering the Queensland property market in September and predictions of a nationwide property boom.
REIQ corporate affairs manager Olivier Bleylock said suggestions of a 25 per cent increase in interstate migration to Queensland next year would put further upward pressure on the cost of housing.
“The Gold Coast has seen an annual growth of 3.2 per cent year on year for housing,” Mr Bleylock said.
“For units, it’s been a little bit more mild at 1.8 per cent but we’re still seeing some steady growth.”
First home buyers ‘out in force’
Some Gold Coast suburbs have recorded bigger price hikes with values in Arundel increasing 5 per cent and Broadbeach Waters 7.2 per cent.
“Clear Island Waters — that reached the highest at 11.3 per cent which is quite significant,” Mr Bleylock said.
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