A cloudless blue sky and bright sunshine greeted us upon our arrival into Coolangatta airport in the Gold Coast. It has been 2 years since I last step foot on Australian soil but the beautiful weather at least has not changed. Memories of good times spent on the Gold Coast during semester breaks from the university came back to me in a wave of nostalgia.
We were back in Aussie to meet with old and new developers, check on completed projects and look for interesting new projects in both Brisbane and Melbourne. Without further delay, we packed into the car and were on our way to Brisbane.
Gold Cost Property Market Regaining Its Shine
The Gold Coast property market has been in doldrums for the last 8 years since the GFC. Construction ceased and properties had their values dropped by as much as 40% in some instances. During 2006-7, we took a cautious stand against the market and advised many of our clients to stay out. We deemed then it was a market driven by tourism with little to offer in terms of long term jobs in sustainable industries. That sets it up to suffer the most during an economic downturn.
The collapse of the Gold Coast market saw many developers such as the Raptis Group (developer of Hilton Surfers Paradise) went into bankruptcy and major luxury projects with incredible ocean views such as Soul, Oracle etc all fell to administration.
Well, we think that the worst is now over.