- The city had more than over one in three properties viewed from interstate.
- NSW and Victoria were the largest feeder states for the Gold Coast.
- Home values and infrastructure on par with major capital cities.
Suitcases were dusted off across the nation during July, as many Australians packed for a new chapter interstate.
Two Sight Unseen reports by Little Hinges analysed over 350,000 virtual inspections and highlighted the growth in sight unseen property transactions by interstate home buyers and renters.
On average, more than one in four listed properties across Australia were inspected by interstate buyers and renters, with the Gold Coast emerging as a clear favourite, attracting a proportional majority of inspections by interstate buyers and renters.
During July, 40.4% of properties for sale on the Gold Coast were inspected by interstate buyers. While 33.8% of rental properties on the Gold Coast were inspected from interstate.
A haven for opportunity
Interstate buyers and renters are likely being drawn to the Gold Coast because of its enviable coastal lifestyle; the city also benefits from a year-round warm climate. Property that is more affordable than the big smoke could also be playing a key role.
“Queensland offers a better value proposition compared to Sydney and Melbourne, which sees improved wealth creation opportunities due to the lower base level,” Image Property director of sales, Adam Empringham, told The Property Tribune.
These factors perhaps helped fuel the Gold Coast migration growth, with the Little Hinges report finding the largest feeder states for the Gold Coast included New South Wales and Victoria.
Out of all the Australian capital cities, Sydney and Melbourne recorded the highest level of outbound traffic in July. Syndey accounted for 29% of all outbound metro moving enquiries, closely trailed by Melbourne with 28%, according to Muval CEO, James Morrell.
The Gold Coast’s proximity to the NSW border was also a likely factor for why many movers selected the Gold Coast, with the Northern Rivers being one of the biggest feeder areas to the Gold Coast, added Morrell.
“Other coastal towns such as Newcastle, Geelong, and the Central Coast also contributed to the influx.”
“It’s an attractive downsizing market with lots of new developments, as well as offering warmer year-round climes with a similar beach lifestyle.”
From surfing asphalt to waves
The Gold Coast was also able to attract those from Melbourne and Syndey by offering infrastructure and amenities that are more in line with that of major capital cities.
“People that are leaving major capital cities don’t want to compromise greatly on major infrastructure, such as high-end retail shopping precincts, high-end places to dine, and plenty of other activities and attractions,” said Empringham.
The Gold Coast has also benefited from the shift to a more flexible work life, with many switching from the hustle and bustle of major cities to a more relaxed ocean lifestyle.
“Thanks to the widespread adoption of hybrid work practices, living in Queensland regions while still having a job domiciled in the capital city or interstate elsewhere, became increasingly practical and viable,” said REIQ CEO, Antonia Mercorella.
Employment opportunities may also be a driver of population growth for the region.
“Jobs may also be playing a role as interstate migration is driven by work in hospitality, health, and other public services as the population of south-east Queensland booms,” said Morrell.