New data, from real estate group Juwai IQI international, shows more millionaires moved to Australia in the past 12 months than any other country – roughly 5,200 of them.
That’s at least $15 million landing here every day – most of it coming from Singapore.
And generally, these millionaires – otherwise known as ‘wealth migrants’ – like to buy up big in property .. as you do when you’re worth seven figures plus.
So, what does this mean for the Gold Coast market?
A simple search of all property types sold in the past 12 months on the GC, with a sale price above $2.5 million, shows 778 properties changed hands.
Crank that sale price to at least $5 million, and there were still 135 transactions.
What does that mean? In a word, opportunity!
“These foreign buyers are cashed up, and they love the Gold Coast,” Ray White Burleigh Group CEO Tiger Malan says.
“The weather, the lifestyle, our education system, the timezone is also friendly for their home countries – it’s all very attractive to them.
“The data says Singaporeans bought about $300 million worth of real estate in Australia last year, and no doubt a lot of it was in southeast Queensland.
“It means there’s a big buyer pool for property owners on the Gold Coast, particularly in that prestige part of the market.
“It’s simple supply and demand.
“Property owners can market their homes directly to these international millionaires, with a few minor modifications.”
The Gold Coast, according to the 2024 Wealth Report by Knight Frank, is also undervalued compared to other global cities.
An interesting metric to prove this is what $1 million USD ($1.48 million AUD) gets you in square metres.
The most expensive city is Hong Kong at 22 square metres.
Sydney comes in at 43 squares.
The Gold Coast, a whopping 112 square metres, which means it could be seen as great value for ‘wealth migrants’.
“That price per square metre is always coming down for the Coast, that’s standard inflation for you; but if you compare that to other cities like Hong Kong and Sydney, the GC is a savvy investment for these high net worth individuals,” Malan says.
“There’s supply here, and there’s demand coming from overseas.
“I expect quite a few big sales for the Coast in the coming months, and they’ll more than likely be foreigners.”
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