PROPERTY PORTFOLIO
2022 MARKET UPDATE WITH STEVE HUNT | MEDIAHUNT.COM.AU
AN INDUSTRY PERSPECTIVE What the future holds for the property market. THERE IS A LOT of talk about the health of the property industry at present, particularly on the Gold Coast in the wake of the collapse of builders Condev and Pivotal Homes. So we’ve reached out to some of our valued industry partners to gain their insights on how they see rising inflation and supply chain issues impacting the market in the future – or whether it will have much impact at all. We have Steven King, the Director in Charge of one of the biggest agencies on the Gold Coast, Colliers, which recently released an insightful report on all sectors of the property market from residential to retail, industrial and office; seasoned private developer Brent Thompson of Siera Group, and William Nikiforides from multi-generational company Niecon, that has been part of the fabric of development on the Gold Coast for many years.
William Nikiforides |
Managing Director – Niecon Development
NIECON DEVELOPMENTS has been on the Gold Coast for over four decades and has seen the market cycles. In a post covid atmosphere, working from home is still very much active and we are finding buyers are increasingly opting for a move to the Gold Coast even though their head office remains in Brisbane, Sydney or Melbourne. The work from home phenomenon is an influence that we see supporting the Gold Coast property market for some time to come. Over the years, we have witnessed the highs and the lows of the city’s property market and maintain the notion that the Gold Coast is now entering a golden era – attracting the likes of interstate re-locators. The desire to live in South-East Queensland has been on the cards for many around Australia and we are now noticing a strong drive in demand from southern buyers, who are realising how much the Gold Coast lifestyle has to offer. Record high demand in the property market and the health and knowledge sectors has added a legitimacy to the Gold Coast and we believe this strong demand for the city’s market is what’s driving this interstate migration.
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The Gold Coast is now being recognised as a highly sought-after destination for work and lifestyle, and buyers are flocking to the city to try and get their foot in the door to secure an already scarce supply of desirable Gold Coast property. In summary, the demand for property on the Gold Coast will only continue to grow, especially with the infrastructure spend required from all levels of Government for the 2032 Brisbane Olympic Games. This will drive more work, increase opportunity and showcase South-East Queensland on a bigger world stage than even the successful Gold Coast 2018 Commonwealth Games. We are certainly witnessing a challenging time for the Gold Coast property market with rising construction costs hindering the supply of development and driving demand in the market to new heights. There is no doubt, the construction cost escalation, changing political environment and the continued demand versus a shortage of supply in the Gold Coast property market, will be the top topic of discussion for quite some time.
