In a recent article in the Gold Coast Business News, property forecaster Bill Morris has declared that the next Gold Coast City property boom is now under way.
Morris, the author of the Midwood Report, said that the average house price rose by 8 percent in Gold Coast City in first half of the year, and sees further gains ahead with a further 10 percent increase expected over the second half of 2013.
From the 2,297 sales in the first half of the year, the average house price for Gold Coast City rose from $515,949 to $557,229. “Which is a statistically significant number of sales. The previous 6 months of sales was around the 1200 mark” Morris said.
“The number of sales increased by 41 percent compared to the previous 6 months. These are official stats supplied by the Titles office, and are drawn all sales that occurred in Gold Coast City. They confirm that the next Gold Coast City property boom has well and truly commenced”
Morris forecasts that average house prices will jump a further 10 percent in the 6 months to December, exceeding price levels seen prior to the GFC, and that prices rise about 8 percent a year in a 7 year boom cycle, delivering average gains of about 60 percent over the cycle.
Morris says that his confidence was first aroused when he noticed that vacant land sales in the June 2013 quarter increased by 55 percent compared to the previous 3 months.