What will overseas buyers do to the Gold Coast's booming property market?

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People who can't even visit the places they're buying are already driving demand through the roof, so how will things look when the foreign money starts rolling back in?

Queensland's border is once again shut but the Gold Coast property market continues to surge, driven in large part by interstate buyers unable to visit the properties they are purchasing.

More than 50 residential projects with an estimated value of $4.8 billion are under construction across the city, according to research from Colliers International. The intensity of interest from interstate developers, especially for the new, high-end projects, is something Mr King says he has not seen in 20 years."COVID has probably brought forward those plans many years, where they're [buying] now as opposed to when they retire."According to Urbis, a record 742 new apartments were sold in the March quarter of 2021, with weighted average prices between $1 million and $1.3m in central and southern suburbs.

 

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The Gold Coast has always been the natural home of the shyster, so nothing will change.

DominicCansdale Amazing that apartment towers would be popular in a pandemic world, where a single covid19qld case in one high rise would render it less useable

Foreigners paying 1.2m, locals paying 1m, I know who I want to sell my property to.

when the border is reopened there would be a rush of Chinese buyers seeking safe haven As in Canada it would distort d market Estate agents would be rushing to China even inspection charter flights Just greedy preying on buyers

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