Why Interstate Migration to the Gold Coast is Soaring

Andre
August 22, 2022

Have you ever thought about packing up your things and moving to the sunny Gold Coast?

You’re not alone. According to the Regional Movers Index, Queensland has recorded the greatest levels of migration since March 2020. The most popular place to settle down is the Gold Coast.

The numbers are showing no sign of slowing down. The Centre for Population estimated in a report published in December 2021 that the sunshine state is expected to welcome 105,100 new residents this year.

So, is it too late to buy or invest in the Gold Coast? With international migrants returning soon, as well as the 2032 Olympic Games on the horizon, it seems like there are plenty of reasons why interstate migration will continue to soar for years to come.

Why are People Moving from Interstate to the Gold Coast?

It’s not just the stunning beaches, relaxing lifestyle, and glorious weather that’s causing people from around the country to flock to the Gold Coast. When you drill down further into what the region has to offer, it’s hard not to want to start looking for off-the-plan apartments or other Gold Coast development projects to buy or invest in.

One of the major discussion topics in NSW and Victoria is housing affordability. Many tried moving south to try and secure their first home or next property in an effort to find something affordable. However, many have realised that the answer to reasonable housing prices is to look north to the Gold Coast. The prices are particularly attractive for millennials. Social research Mark McCrindle told the Brisbane Times that younger people have realised they can maintain their lifestyle while maintaining their mortgage repayments.

Another attractive reason is the job market. In September 2021, QLD saw the largest increase in the number of people working. In fact, it resulted in the second-worst unemployment rate in the country. You might think that many people move from NSW or Victoria to QLD to settle down and retire. However, these numbers show that more people are moving there to earn a living.

These workers may not be heading into the office either. Employees are ditching the cubicle to work out of their luxury apartment with stunning beach views where they can breathe in the glorious ocean air. They’re also not cramped in small one-bedroom units. Most Gold Coast luxury apartments include a separate home office allowing residents to practice work/life balance. Working remotely allows more people to live in their dream home without missing out on career opportunities because they’re not based locally.

Where Interstate Migrators Want to Live

The increase in population in the region has seen a rising demand for Gold Coast premium apartments to the point that there is the very real possibility of undersupply of stock.

Property groups are jumping at the opportunity to purchase sites across the Gold Coast and take advantage of the increased demand for luxury apartments. It is also driven by state government forecasts that 15,000 people per year will want to call the Gold Coast home. To keep up with this demand, it will require 6300 new dwellings to be developed a year.

The rental crisis is also driving demand for apartment supply. The Real Estate Institute of Queensland reported that vacancy rates across the state are at record lows. In December 2021, it was just 0.6%. This is environment gives investors considerable leverage as they are in control of the market. Tenants are now opting to offer better rental return to secure their properties by offering more than the advertised rate or agreeing to longer lease periods.

It’s important to note that these numbers don’t take into account the return of international students migrants. Once borders open, the Federal Government forecasts a growth of 41,000 people in 2021-22 and 180,000 in 2022-23. By 2024, it’s anticipated to return to pre-pandemic levels of 235,000 choosing to live in the country.

How to Buy or Invest in the Gold Coast

Gold Coast Mayor Tom Tate expects interstate migration to grow from 18,000 people a year to more than 25,000. It’s easy to see why. The State Government is investing significantly across the region, particularly with the 2032 Olympic Games on the horizon. In addition, there is a low unemployment rate, reasonable public transport fares, and affordable housing prices when compared to Victoria and NSW. There is also the lifestyle factor. More owner-occupiers are looking to downsize, and many people are looking for a sea or tree change while working from home in a more luxurious dwelling.

Now is the perfect for investigating off-the-plan apartments. However, you don’t have to search for a Gold Coast premium property on your own. You should connect with someone who has extensive knowledge and experience of the region to ensure you find the right place for you. Get in touch with Director and Selling Principal Andre Bradshaw from Integral Development Group to start your search today.

Want to find out more about why you should invest in the Gold Coast? Check out this blog article to learn about some of the great opportunities the region has to offer.