Fly-in-fly-out interstate buyers swoop on Gold Coast property

Interstate buyers have ramped up their interest in the Gold Coast residential market, highlighted by a host of fly-in-fly-out buyers swooping into the city looking to snap up properties.Ray White Surfers Paradise (RWSP), the Gold Coast’s largest real estate group, says it experienced a burst of activity in the second half of December which is traditionally the quietest time for property over the holiday period.“The elevated levels of inquiry we saw at the end of December have continued into January,” said RWSP CEO Andrew Bell.“The strongest activity at the moment is coming from local Gold Coast buyers, mainly owner-occupiers looking to either scale up or downsize.“However, the second-largest group by far are the interstate migrators, and their share of inquiries at the moment is quite significant.“In the past week, our office has undertaken inspections with seven separate parties who have flown into the Gold Coast from interstate to look at specific properties. They flew back home the same day.“We haven’t seen this level of interest in our market from interstate for years. It demonstrates the strength of interest in the Gold Coast market at present from buyers across the country.”Mr Bell said Gold Coast buyers were seizing on the value they see in the local market while the slowdown in Sydney and Melbourne is also working in the Gold Coast’s favour.“Interstate buyers are increasingly looking to emerging markets now that their home markets are in retreat.“Before that there was no reason to sell in Sydney and Melbourne because the gains were coming year after year.”The latest burst of buyer inquiry has surprised Mr Bell, coming after a fall in property sale volumes across the Gold Coast in the latter half of 2018 compared to a year earlier.“The number of inspections and inquiry we are currently receiving are the best we’ve had in 10 years and that’s really caught us by surprise,” Mr Bell said.“The locals are very active but the interstaters have really added to that momentum, with Sydney and Melbourne interest really strong.”Mr Bell estimates interstate inquiries to be treble the levels experienced this time last year.According to the latest ABS research, the Gold Coast recorded the highest regional internal migration of 7,700 in the year ending June 2017.It comes ahead of the Australia’s largest in-house auction program, The Event, which will be hosted by RWSP on January 28.The Event, run annually in conjunction with the Gold Coast Home & Living Exo, is being held at RACV Royal Pines Resort from 10am.Properties across more than 30 Gold Coast suburbs will be up for auction over The Event, including beachside apartments, mountain and valley estates, riverfronting properties and suburban homes.