Many Queenslanders have felt grateful for their homes, many tenants thankful for negotiations and avoidable evictions and plenty of Queensland property investors have been keeping a close eye on the state’s property market.
You may have read our blog on the Gold Coast property market published in late May, but as you and everyone alike know, many things change in a short amount a time.
Read more from your Gold Coast Accountant team at Crest Accountants for an insight and predictions for the Queensland property market.
Ready, set and go…to South-east Queensland
South-east Queensland has recorded its strongest monthly sales in more than five years.
The location recorded 1,110 sales in June after dropping to just 273 sales in April.
This reflects a combination of factors such as:
- The HomeBuilder scheme and state government grants to stimulate the building and construction industry. These are fuelling buyer demand as there’s still plenty of people with stable income who are more than happy to take advantage of the number of grants and incentives on offer.
- International and interstate residential buyer interest due to location, low-interest rates and affordability.
See how you can put your best financial foot forward with property accounting services with your Gold Coast Accountant.
The 2020 reality for rentals on the Gold Coast and in Brisbane
Domain’s latest research showed unit rental yields have fallen by 3.2%, which is the biggest drop in more than 15 years.
Brisbane’s CBD and the Gold Coast are especially exposed to reduced rental demand due to:
- Lessening foreign student numbers,
- Job losses, and
- Pay cuts.
Yet, on the opposite spectrum, there’s a huge demand for rentals, leading to rental shortage. Landlords are worried about job security and the health of their family and themselves.
People are coming home en masse because they would rather ride out the pandemic in their home state than abroad.
There’s a never before seen knock-on effect for the property market.
Vacancy rates as a property investor in Brisbane, the Gold Coast and the Queensland region is something your Gold Coast Accountant can help you prepare for and overcome with our personalised property accounting services.
House prices staying steady on the Gold Coast and in Brisbane
Andrew Bell, CEO of Ray White Surfers Paradise stated a second wave of the virus in Victoria and also in Sydney has seen a dramatic increase in these interstate buyers purchasing property on the Gold Coast.
Domain, too, reported the Gold Coast to be one of the strongest property markets in Queensland over the June quarter, as house prices increased 1.5%.
According to Domain’s senior research analyst, Dr Nicola Powell, “the fall in prices to date has been minimal considering the economic aftermath of border closures and shutdowns.”
- The median house value for the greater Brisbane as at 19th August 2020 is at $555,284, while,
- The median unit value is at $384,681.
So, there may be light yet at the end of the Queensland property market tunnel.
Your Gold Coast Accountant offering property accounting services
The Queensland property market is remaining resilient, and let’s all hope it stays that way.
Trusting in a resilient property accounting expert will ensure you can capitalise on these uncertain market times, whether it’s saving for a first home, starting on or building up your investment portfolio.
Need help with building an investment portfolio or saving for a home deposit?
Contact Crest Accountants today for property accounting services on the Gold Coast and throughout Queensland.
Disclaimer: The information contained in this news post is general in nature and is intended to provide a general summary only and should not be relied on as a substitute for professional advice.
