2023-07-18-莱坊-Gold_Coast_Residential_Insight_Q2_2023_4页_718kb

Q2 2023 Gold Coast Residential Market Summary

Core Content Overview

This report provides an analysis of the residential sales and rental markets on the Gold Coast for the first quarter of 2023, including trends in property values, vacancy rates, rental yields, and sales volumes. It also highlights the future pipeline of new housing developments and economic indicators that may influence the market.

Main Market Trends

Sales & Price Performance

• Total Residential Sales: Annual sales volume declined by 32% in March 2023, with 15,338 transactions. This contrasts with a 12% increase in the same period the previous year.
• Days on Market: The average days on market for residential properties increased to 61 days in Q1 2023, up from 57 days one quarter prior.
• Capital Values: Over the year ending March 2023, residential capital values rose by 3.4%, reaching a median value of $800,500.
• Houses: Annual sales volume for houses dropped by 30.0% to 8,394 units. Median house value increased by 0.5% to $930,000. Average days on market for houses was 62 days in Q1 2023, up from 55 days one quarter ago.
• Apartments: Annual sales volume for apartments fell by 34.9% to 6,944 units. Median apartment value rose by 9.7% to $620,000, with an average days on market of 60 days in Q1 2023, slightly higher than 59 days one quarter ago.

Rental Market

• Vacancy Rates: Total residential rental vacancy stood at 0.9% in March 2023, down from 0.7% in the previous quarter and 0.4% one year prior.
• Gross Rental Yields: Increased by 10 bps to 4.85% in Q1 2023.
• Rental Growth: Weekly median rents for residential properties rose by 2.9% in the quarter, and 13.6% over the past year, reaching $710 per week.
• Houses: Weekly median rents for houses increased by 3.3% in Q1 2023, and 11.5% over the year, reaching $775 per week.
• Apartments: Weekly median rents for apartments rose by 2.5% in Q1 2023, and 19.0% over the year, reaching $625 per week.

Future Pipeline

• Building Approvals: In the quarter to March 2023, building approvals totaled 316 houses and 1,601 apartments. This represented a 43.6% increase in house approvals and a 221.5% increase in apartment approvals compared to the previous quarter.

Population & Economy

• Population: The Gold Coast LGA had an estimated population of 647,750 in 2022, with an annual growth rate of 2.2%. Projected growth to 2041 is 2.1% per annum.
• Economic Growth: Queensland's economic growth was 3.1% in 2022, with a forecast of 2.4% in 2023.
• Unemployment Rate: The unemployment rate on the Gold Coast was 4.0% as of December 2022, down by 50 bps from the previous quarter.

Lending Environment

• New Household Loan Commitments: In the March 2023 quarter, new household loan commitments in Queensland declined by 4.2%, slightly less negative than the -11.1% decline in the previous quarter.
• First Home Buyer Loans: Lending commitments to first home buyers increased by 26.6% in March 2023, compared to 23.9% in the same period the previous year. These loans accounted for 18.6% of all owner occupier loans in Queensland.
• Mortgage Rates: Average mortgage lending rates for owner occupiers rose by 3 bps to 6.27% for a 3-year fixed term and 50 bps to 8.02% for a standard variable loan. For investors, the 3-year fixed term rate decreased by 1 bps to 6.32%, while the standard variable loan rate increased by 50 bps to 8.60%.

Market Forecast (2023–2025)

Sources: Oxford Economics, Knight Frank Research

Key Contacts

• Residential Research: Michelle Ciesielski – +61290366659 – michelle.ciesielski@au.knightfrank.com
• Residential, Gold Coast: Alison Hedger – +61420788471 – alison.hedger@au.knightfrank.com
• Franchise Partnerships: Sally Edvardsen – +61290366845 – sally.edvardsen@au.knightfrank.com
• Residential: Erin van Tuil – +61290366699 – erin.vantuil@au.knightfrank.com
• Residential Project Sales: Luke Hayes – +61290366700 – luke.hayes@au.knightfrank.com
• Valuations: Alistair Carpenter – +6129036662 – al.carpenter@au.knightfrank.com