Median house prices on the Gold Coast are set to exceed $650,000 by 2020.
According to a report by insurance provider QBE, house prices are predicted to rise by 6% to a record $665,000 by 2020. As of June 2017, the current median house prices are $620,000, in figures, released by Corelogic.
If you are planning on purchasing a property in Queensland, be aware that when using a conveyancer, they must be registered in this state to legally be allowed to conduct conveyancing in Queensland.
Continued developments in infrastructure and migration from southern states to the Gold Coast are cited as the main reasons for this growth prediction, and the growth experienced since the global financial crisis.
Whilst the rise in value of property is great news for current homeowners, it does increase the already great barrier to entry for first-time buyers. This is despite the Gold Coast’s relatively affordable median price compared to Sydney.
There is, however, an opportunity to break into this expensive market through Metricon’s HomeSolution. Rather than scraping together a 10% deposit whilst housing prices are skyrocketing, a deposit of as low as $2,000, combined with a first homeowners grant, will be enough to get you onto the property ladder.
This appears to be a fantastic opportunity for Australians to break into the property market as long as they have this minimal amount of savings, as well as a stable job.
As with all property transactions, you should take extra care during the conveyancing process. Whilst there are many do-it-yourself guides that claim you will save money by having you go through the process yourself, bear in mind that the errors made during this process could prove much more costly than if you hire a conveyancer. Licensed conveyancers will be covered by professional indemnity insurance, which covers loss due to their act of negligence, error or omission.
If you would like any advice or help with the conveyancing process, feel free to contact us here and we will be happy to help.