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The Aussie property hotspot for the world’s super-rich

The Aussie property hotspot for the world’s super-rich

This popular holiday destination has caught the eye of the world’s super-rich investors as a property hotspot for a second home.

The Wealth Report 2016, released this week by real estate firms Knight Frank and Douglas Elliman, named Australia’s Gold Coast as one of the most popular second-home destinations worldwide.

The area sits alongside the French Riviera’s Côte d’Azur and Spanish party island Ibiza as the top three destinations.

Also read: Where are Chinese investors buying property in Australia?

According to the report, the arrival of the Commonwealth Games in 2018 has kickstarted investment in the Gold Coast, with a new light rail system and a $200m airport expansion planned.

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Competitive prices, compared with Australia’s top cities, plus strong fundamentals – local population growth and expanding tourism – underpin demand along the 57-kilometre coastline.

According to Knight Frank research head, Matt Whitby, this is the first time to Gold Coast has been featured in the report.

“We believe with a lower dollar and strong foreign demand for investments and second homes, the Gold Coast will increasingly be in play,” Whitby told Domain Group.

“Tourism demand is up, population growth is rising, and the commonwealth games in 2018 has kick-started investment, with the new light rail system and a $200 million airport expansion planned.”

“On a relative price basis, the Gold Coast is also well placed compared with its southern city counterparts.”

Also read: Australia’s most overvalued suburbs

Domain chief economist Andrew Wilson said the Gold Coast market growth looked set to continue.

“Despite having a poor end to the year with no growth over the December quarter, the Gold Coast should continue its climb upwards this year, with expected growth similar to what was achieved this year,” Wilson said.

The market was buoyed by new infrastructure in the lead up to the commonwealth games.

“The Gold Coast is really attracting investors looking to cash in on higher yields in the build up to 2018,” he said.