What do tourism and the property market have in common? No, this isn’t the start of a bad real estate agent joke – it’s a serious question. And as it turns out, the two have plenty to do with each other. One only needs to ask Anton Kardash, CEO of the Real Estate Institute of Queensland (REIQ).
According to Mr Kardash, the Queensland residential property market has been seeing steady growth since the New Year up to March due to buyer confidence. And where did this confidence come from? Why Queensland’s tourism regions of course, which themselves have been seeing upticks in their real estate markets.
The Gold Coast had seen four quarters of increased sales back to back, and this March quarter was no different. This period saw an increase of 4.2 per cent on its median house price, already a hefty $500,000, demonstrating the potential for continued strong growth in the coming months. Investors interested in apartments in Broadbeach should pay attention.
This activity has had a roll-on effect on the rest of the market in Queensland, many of whose major regions saw a better median house price result.
“We’re seeing sustainable growth without any rapid price swings, which is the sign of a healthy market,” said Mr Kardash.
If you’re ready to invest, now’s a good time to dive in.