Gold Coast Bulletin
The latest report by property valuers Herron Todd White lists both the Gold Coast and Brisbane as rising markets but one market is in better shape.
The firm’s June report notes that the Gold Coast has put the Global Financial Crisis behind it with a recovering market.
“Prices are well off the bottom across all residential property categories and land values on the Gold Coast are reported to have increased by 10.7 per cent over the past year,” the report’s authors state.
The report lists positive economic changes that are driving the market including an increasing population, rejuvenated tourism sector, increase in building including infrastructure and a spike in the number of new homes being built.
However for Brisbane the report identifies a “lull in urgency among buyers” in the usually hot inner-city northern markets including New Farm and Paddington.
“They are two suburbs that were achieving good premiums until a couple of months ago, but demand has waned a little,” the report reads.
“Whether it’s a matter of vendors overpricing their properties or other factors at work, bidders don’t appear to be hyped at auctions and paying the big dollars they once were. Many are adopting a wait-and-see stance with a number of homes hanging around on the market.”
It isn’t all bad news for the state capital.
The report notes that renovated and brand new homes with “all the bells and whistles” in desirable locations are selling well with a bit extra on the contract price.