The Gold Coast continued to be the crowd favourite among interstate buyers, according to a new report, with southerners being the sought-after location’s top fans.
Data from virtual tours platform Little Hinges showed that the Gold Coast saw 44 per cent of the more than 300,000 virtual inspections conducted by interstate buyers in October.
The figures are significantly higher than the national average and the rest of the states and territories garnering only 24.6 per cent of total virtual inspections conducted during the period — effectively putting the popular Sunshine State region above its peers.
Notably, buyers from the southern states, particularly from NSW and Victoria, are those who are showing the biggest interest in the Queensland property hotspot.
Data showed approximately 20 per cent of people inspecting property on the Gold Coast are from NSW, and 15 per cent are from Victoria — representing the biggest group of potential interstate buyers looking to be Queenslanders.
Little Hinges chief marketing officer Mike York said home ownership in major capital cities such as Sydney, Melbourne and Brisbane continues to be out of grasp for local residents in NSW and Victoria, despite the observed decline in property prices in these areas in the last few months.
Mr York noted that the combination of rising inflation and the Reserve Bank’s consecutive and ongoing rate hike cycle has made owning a property in these states out of the question for buyers.
Given the current market conditions, Mr York said that the Gold Coast — where dwelling values have fallen by 6.4 per cent in the October quarter, per CoreLogic data — stands out as a more affordable option for southerners who have been “priced out” of the Sydney and Melbourne housing markets.
The report also noted real estate inspections undertaken from outside the state the property is located now represent 24.6 per cent of all property inspections around Australia.
“The last two years have resulted in significant changes to both where and how buyers are inspecting property, which is reflected in the high percentage of digital inspections we’re seeing from NSW and Victoria on properties located on the Gold Coast,” Mr York remarked.
But it’s not just Aussies who are looking to buy sight unseen in the Gold Coast, as data showed the Sunshine State continued to be an attractive location for a significant number of out-of-country buyers as well.
Of the 7.7 per cent of international buyers who are interested in a move to the Sunshine State, 35 per cent are from New Zealand, 10 per cent from the US and 5 per cent from both the UK and Singapore.