After years of uncertainty and global upheaval, the Gold Coast is witnessing a significant trend—expats are flocking back to its sun-drenched shores. According to recent data, the number of returning Australians and international expats has surged by nearly 30% post-pandemic, driven by a desire to reconnect with family, feel safe, embrace a laid-back lifestyle, and explore new economic opportunities in this thriving region.
This blog will explore the key changes that have transformed the Gold Coast over the years and what you can expect as you consider making this beautiful region your home.
Why expats are moving back to the Gold Coast
Expats are returning to the Gold Coast for several compelling reasons. The appeal of this vibrant region has only grown in recent years, making it a top choice for those looking to re-establish their roots in Australia. Some key factors reported by Gold Coast expats include:
- Lifestyle: The Gold Coast offers an enviable lifestyle with beautiful beaches, outdoor activities, and a thriving dining, arts and wellness scene.
- Family: Many are moving back to be closer to family, attracted by the safe and supportive environment for raising children.
- Economic Opportunities: The region’s economy has diversified, with growing sectors in tech, healthcare, and education, making it an attractive place to work and invest.
- Value for money: The region offers good value when it comes to buying a family home compared with other major markets like Sydney, Melbourne, LA, Hong Kong or Dubai.
- Safety: Australia is considered a safe country in terms of national security, economy and the risk of another global pandemic.
What’s changed on the Gold Coast over the years
Real Estate Market
The Gold Coast’s real estate market has experienced significant growth and transformation over the past decade, marked by a sharp increase in property values, ongoing infrastructure developments, and changing buyer preferences.
The Gold Coast recorded the nation’s largest rise in regional housing values over the three months ending July 2023, with a 4% increase compared to the Regional Australia average of 1.2%. Long-term capital growth rates have been particularly strong, with suburbs like Surfers Paradise growing a huge 71% per year over the last 5 years, while Mermaid Waters, Palm Beach, and Burleigh Waters each saw 13% consistent growth each for the last 10 years.
In suburbs such as Tallebudgera Valley, house prices have doubled in under six years. This rapid appreciation reflects the high demand, especially in areas that combine scenic beauty with excellent amenities.
Development and infrastructure projects
The Gold Coast is no longer just a tourist destination—it has emerged as a hub for various industries. The market’s growth is further supported by substantial infrastructure investments, including a $63 billion pipeline of projects across the Gold Coast. This includes $11.4 billion in transport projects, $8 billion in medical facilities, and $9.1 billion in leisure and tourism developments. Key projects like the expansion of the Gold Coast Airport, the ongoing development of the light rail system, and large-scale residential and commercial projects continue to enhance the city’s appeal to both domestic and international buyers.
High-end developments such as the Jewel Residences and the Spirit Tower in Surfers Paradise offer luxurious living options, catering to the growing demand from interstate migrants and returning expats. These developments are part of a broader trend towards more upscale, lifestyle-oriented properties that reflect the changing demographics of the region.
Rental market and supply challenges
The rental market on the Gold Coast has been under significant pressure, with vacancy rates remaining below 2% in most areas. Central Gold Coast regions like Southport and Surfers Paradise have seen typical house rents rise by 60% over the past three years, driven by a severe shortage of rental properties.
The scarcity of new residential developments, coupled with high construction costs, has exacerbated this situation, leading to ongoing upward pressure on both rents and property prices.
Dining, art, and leisure
The Gold Coast has seen an explosion in its dining, arts, and entertainment scenes, further enhancing its appeal as a lifestyle destination.
The Gold Coast’s culinary landscape has undergone a remarkable transformation, establishing the region as a destination for world-class dining. New restaurants and cafes have sprung up in vibrant areas like Burleigh Heads and Broadbeach, offering a diverse array of cuisines that range from fine dining to organic, farm-to-table experiences.
In addition to its culinary growth, the Gold Coast has made significant strides in arts and culture. The city has invested heavily in cultural infrastructure, highlighted by the opening of the $60 million Home of the Arts (HOTA) gallery. This, along with the ongoing development of cultural precincts, has positioned the Gold Coast as a burgeoning arts hub. Events like the Bleach* Festival and the Gold Coast Film Festival have gained international recognition, drawing attention to local talent and enhancing the city’s cultural appeal.
Leisure and recreation have also seen substantial growth, with new parks, cycling and walking trails enhancing the outdoor lifestyle that the Gold Coast is known for. Additionally, there is an increasing number of wellness centres, yoga studios, and fitness facilities, catering to a growing health-conscious population.
Image of SOAK Bathhouse Mermaid Beach
Current real estate market overview
The Gold Coast offers a diverse range of property types, catering to various buyer profiles:
- Apartments and Units: Popular among young professionals and retirees, apartments in areas like Broadbeach and Surfers Paradise range from $550,000 to over $1.5 million depending on proximity to the beach and amenities.
- Family Homes: Suburbs like Burleigh Waters, Robina, and Palm Beach are highly sought after by families. These areas offer spacious homes with prices ranging from $1.1 million to $1.6 million.
- Luxury Properties: High-end properties in suburbs like Mermaid Waters and Hope Island attract affluent buyers. Prices here often exceed $2 million, with some properties offering waterfront access and premium facilities.
Popular suburbs for returning expats include Broadbeach Waters and Mermaid Waters for their mix of lifestyle amenities and proximity to the coast, while families may prefer the quieter, more community-oriented neighbourhoods of Burleigh Heads and Robina.
For those unsure of their long-term plans, renting might be the better option initially, allowing time to explore different areas before making a purchase. However, with the market’s upward trajectory, buying sooner rather than later could be financially beneficial.
A local buyer’s agent can provide valuable insights as you re-enter the market, including access to off-market listings that aren’t available to the general public. Their local expertise can help you identify the best suburbs for your needs and negotiate better deals, saving you thousands of dollars whilst taking the stress and time commitment out of it.
Image of Dudley Street, Mermaid Beach
Future outlook for the Gold Coast
Over the next 5-10 years, the Gold Coast real estate market is expected to continue its strong performance. With ongoing demand and limited supply, property prices are predicted to keep rising. Suburbs like Palm Beach, Burleigh Waters, and Hope Island are expected to see continued growth, with some areas potentially surpassing $2 million in median house prices by 2030.
The expansion of the light rail system and improvements to the M1 Pacific Motorway are expected to enhance connectivity, making outer suburbs more accessible and attractive. The Gold Coast is also increasingly focusing on sustainability and technological advancements. Projects like the Greenheart Parklands in Robina are creating more green spaces, contributing to the city’s sustainability efforts.
As the region continues to evolve, it is poised to attract even more residents and investors, driven by the appeal of its enhanced connectivity, vibrant lifestyle, and progressive urban planning. These factors, coupled with the city’s natural beauty and expanding cultural and recreational offerings, will likely solidify the Gold Coast’s position as one of Australia’s most desirable places to live and invest in the coming decade.
Tips for a smooth transition back to the Gold Coast
Returning to the Gold Coast after living abroad can be an exciting yet challenging experience.
1. Legal and financial preparations
Ensure that all legal and financial matters are in order before your move. This includes transferring funds, understanding local tax obligations, and familiarising yourself with Australian property laws if you plan to buy a home.
2. Reconnect with local networks
Engage with local expat communities and social groups to rebuild your social network – there is a Facebook Group to reconnect. These connections can provide valuable support and help you feel more integrated into the community, making the transition smoother.
3. Research schools and childcare
If you have children, start researching schools and childcare options early. The Gold Coast offers a range of excellent public and private schools, so find the one that best suits your family’s needs.
4. Secure housing
Decide whether you want to rent or buy property on the Gold Coast. If you’re unsure of your long-term plans, renting initially may be a good option. Working with a local buyer’s agent can also help you find the best areas for investment and secure a home that meets your needs.
5. Plan for cultural and lifestyle adjustment
Take time to reacquaint yourself with the Gold Coast’s lifestyle, which may have evolved since you last lived there. Explore new dining spots, cultural events, and recreational activities to fully enjoy the vibrant lifestyle the region offers. This will help you feel more at home and make the most of your return.
Ready to move back home?
Moving back home can be both exciting and overwhelming, especially when navigating a dynamic property market like the Gold Coast. As returning expats, you deserve a smooth and stress-free transition. At COAST Buyer’s Agency, we specialise in helping expats like you find the perfect home. With our deep local knowledge, access to exclusive off-market listings, and expert negotiation skills, we’ll ensure your experience with us saves you money, time and stress in your transition back home.
Let us help you make your return to the Gold Coast as seamless as possible. Book a free 30-minute consultation with the team at COAST Buyer’s Agency today and start your journey home with confidence.
