 The Gold Coast Bulletin Friday, June 1, 2007
Property Prices are set to soar by up to 40 per cent within 12 months, according to the latest Midwood report, which has pointed to a surge in new housing this year as a sign the next boom is nigh.
According to author and analyst Bill Morris, the boom will be fuel by a lack of entry-level blocks of land. ...it will push the average sales prices by '30 to 40 per cent across the board, he said.
Helping the upward price trend is the fact the Sunshine state attracted the largest number of new residents in Australia from June, 2005, to June 2006.
Queensland's population grew by 76,400 during this period and leading the growth was the Gold Coast region, which had an estimated population of 533,500 last month. ....this has been driven by hordes of interstate migrants.
"If you look at this in prospective, we had booms in 1994 and 2002 and all the signs indicate we are heading towards the next boom right now," he said.
"Inevitably it is the land that increases in price, not the building. It is residential land pushing up the price and that will have flow on effects for property prices right across the Gold Coast."
"But Demand isn't the problem, it's supply. We can't create new (land) stock at that price efficiently and profitably...... Many first home buyers cannot get into the market so that is keeping rents high too." |
