Experts unveil a 2022 residential market outlook bigger and better than 2021
2022 is on track to outperform the record-breaking property turnover set this year, according to new projections from the leading experts in the Gold Coast’s residential market.
Leading property figures unanimously forecast a strong market to continue with a sizable uptick in investment once borders open in December or early next year.
A presentation by Colliers Gold Coast on Wednesday hosted keynote addresses from Mayor Tom Tate, Queensland LNP leader David Crisafulli, and leading property experts and developers including Adam Lacey, head of Lacey Group, David Higgins, Director – Residential Colliers Gold Coast and Matthew Schneider of town planners Urbis.
“The past 18 months have been nothing short of incredible on the Gold Coast, but what’s even more promising is that our data suggests this boom still has a fair kick to it,” said David Higgins.
“We expect the city’s population to continue its rapid ascent once the borders are opened and with that will come an even stronger demand than what we’ve already witnessed.
“Fortunately, the developers on the coast have become remarkably adapt at delivering a large volume of high-quality projects catered to the markets needs, and we expect to see this climb into the new year ahead.”
Fresh of the back of two sell-out luxury projects in 2021, local family developer Adam Lacey remains confident that the year ahead presents an opportunity to eclipse the dizzying heights reached in 2021’s prolific property boom.
“We were blown away by the response to The Del Ray and The Monroe, and their rapid sell out suggests there’s still more in the tank, particularly for the Southern Gold Coast.
“I think what we’re going to see in the coming year is that demand trickle down from the central coast, through Palm Beach and into the southern Gold Coast which is primed for a renaissance of its own.”
The reopening of domestic and international borders, a tourism resurgence and the 2032 Olympic Games on the distant horizon has locked the city in for a golden decade ahead, says Mr Schneider.
“While tourism has faced immense challenges, we do expect the cornerstones of the city’s economy to be firing on all cylinders in 2022 as the interstate borders reopen, vaccination rates increase, and international borders reopen,” he said.
“Central to this is the continuation of strong fundamentals in 2022, namely the relative value of the city when compared to Sydney and Melbourne, and the way the world has changed in terms of certain lifestyle shifts.
“We’re not over-exposed, with the development industry as it as at the moment we’re actually very well placed to move forward into the new year and welcome expats and tourists into a city that has been transformed throughout covid.”
In a testament to the strength of the market ahead, Colliers Gold Coast is gearing up to launch to market one of the most anticipated projects seen on the central Gold Coast in more than a decade with Iris Capital’s $800 million Victoria & Albert Broadbeach (V&A Broadbeach).
The project hits the market this weekend and is anticipated to be well-received by a broad audience, says Colliers’ Director Residential David Higgins
“We’re looking to introduce a mix of product right in the heart of Broadbeach that attracts the family buyer, luxury downsizer and investors looking for solid returns as the Gold Coast grows out of the Covid lockdowns.