COULD THE PROPERTY MARKET TURN?

With the The Reserve Bank of Australia official Cash Interest rate at an historical low, currently at 1.5%, home values have risen on the Gold Coast dramatically over the past 2 years, Most properties not lasting a week on the market with a huge chunks being purchased without even viewing, you would be lead to believe that the property market here is healthy & will rise, and continue to rise for some time.

But what if I told you that there are more high-rises been built on the Gold Coast then ever before with last financial year more than 3000 Development Applications were made with council which is expected to be topped this financial year. Will we have an over supply of some properties?

With each new skyscraper wanting to be the Southern Hemisphere's next highest Building, Currently Sunland's Q1 tower is the tallest at 322.5 metres (1,058 feet) and with a roof height of 245 m (804 ft), boasting a crazy 78 levels, but within a couple of years it will be dwarfed by the new skyscrapers to come.

The top 10 New high-rise projects are:

		Completion Date:	Estimated Expenditure:
1)	Orion Towers (Surfers Paradise - 2 Towers - Highest 103 Storey)	May 2027	$1.2 Billion
2)	Spirit Tower (Surfers Paradise - 89 Storey)	January 2020	$1.2 Billion
3)	Ruby Towers (Surfers Paradise - 4 Towers - Highest 72 Storey)	November 2020	$2 Billion
4)	Wanderlust Towers (Surfers Paradise - 2 Towers - Highest 72 Storey)	March 2019	Not Disclosed
5)	Jewel Towers (Surfers Paradise - 3 Towers - Highest 47 Storey)	March 2019	$970 Million
6)	Ocean Tower (Surfers Paradise - 75 Storey)	November 2020	Not Disclosed
7)	Queen Street Village Towers (Southport - 7 Towers - Highest 25 Storey)	April 2026	$550 Million
8)	Aquis Pacific Point (Surfers Paradise - 48 Storey)	January 2021	$440 Million
9)	The Star Residences (Broadbeach - 53 Storey)	January 2021	$400 Million
10)	Chevron One (Chevron Island - 40 Storey)	December 2021	$230 Million

Not including Several projects that are awaiting approval including "Imperial Square Towers" (Southport) an estimated $2 Billion project with one tower being a whopping 108 Storey, "Star of the Sea" (Surfers Paradise) which consists of 3 Monster sized Towers, "Hedges Tower" (Mermaid Beach) an estimated $200 million dollar project & a ton of smaller projects that have already been approved such as "The Markwell Residences" (Surfers Paradise), "One Marine Parade" (Labrador), "Signature" (Broadbeach) & "Midwater" (Main Beach) just to name a few.

From May 1st 2018 lending will tighten once again, as lenders require all new borrowers to provide all bank account statements to prove that they are not spending beyond their means.

From July 1st 2018, The Australian Government has proposed a change that mandates Comprehensive Credit Reporting (CCR), this basically means if you don't pay your bills on time it will record this against your credit rating, Not only that but it will show in great details anything relating to any credit a person has or is applying for.

With all these factors in play I believe that realestate on the Gold Coast could possibly turn into a buyers market in the near future.

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