Usually, homeowners prefer to sell their old house and buy a new one, whereas tenants choose to shift from one tenancy to another.
However, this trend changed slightly, as from 1999–00 to 2019–20, Australian households owning a home decreased from 71% to 66%, and households renting their homes increased from 27% to 31%. Industry experts attribute this change to the rising house prices in Australia.
Relocating is a major life event, and it requires careful consideration of various factors such as the location, housing options and savings. During this time, deciding whether to buy or rent a house on Gold Coast is stressful because you must book Gold Coast removalists and plan other things for your move accordingly.
Therefore, you must know which option would be the best for you and to help you make an informed decision, here is your complete guide. Have a look.
If you are moving to Gold Coast or want to live affordably in the city, renting a house is a suitable option. The median rent for a 3-bedroom house in the northern Gold Coast is $743 and in the western Gold Coast is $711. In central Gold Coast, the median rent is $644 for a two-bedroom house and $849 for a three-bedroom house in southern Gold Coast.
For many people, renting is still more economical than buying a house on Gold Coast. However, due to the shortage of rental properties and the introduction of rental/tenancy law changes, rent is increasing in the city, making it difficult for residents and migrants to find affordable rental properties.
Since the COVID-19 pandemic, house prices and rents in the South Queensland region (Gold Coast, Brisbane & Sunshine Coast) increased at a blistering rate, but now the property market is cooling. It is a good sign because if you want to buy a house on Gold Coast, you may afford it now.
At present, Gold Coast’s median house price Gold Coast is $ $1,087,734, which is more affordable than the Sunshine Coast. Getting a house here is also beneficial from an investment point of view because of the rental yield.
What’s more, many city suburbs have great housing options that can be within your budget, as fewer properties to rent mean a dip in the house rates. Thus, look at the affordable suburbs while exploring the property market and accordingly book good removalists in Gold Coast.
Over the years, Gold Coast has witnessed substantial population growth, as more people are migrating here from other regions of Queensland. Their demand for properties to lease houses has increased the rent in the city and many of its suburbs.
Additionally, the sudden population spurt, high stamp duty and stringent requirements from banks are causing builders to drive away. Therefore, Gold Coast has a shortage of rental properties, and it is becoming cheaper to buy a house in many areas than to rent.
The median house rent in Gold Coast is $499/week, and the average house/unit price is $533,950. If you choose to buy a property, the monthly mortgage is about $453, and with a 3.5% interest and 20% deposit, you save about $46 more than when you rent.
Therefore, even migrants planning to stay here for years are purchasing property on Gold Coast because they can save thousands of dollars by paying to the bank rather than a landlord. However, it doesn’t mean buying a house on Gold Coast is the best option for people planning to live here for a short while or in an area where renting is cheaper than purchasing a property.
Also, consider the following things to do what is best for you and your family before making any decision.
Remember that buying or renting both requires effort, research and financial resources. Thus, take time planning your relocation to have a good moving experience. Additionally, you must book good Gold Coast removalists to reduce common moving costs and stress.
Moving is challenging, and you must only do it when you have an excellent place to buy or rent. Thus, use the guide above to decide whether it is best to buy a house instead of renting on the Gold coast. Also, hire professional removalists in Gold Coast after making the right choice for you to manage your relocation without hassle.