REALESTATE.COM.AU
IT was once known to boom and bust but the Gold Coast property market has shown its resilience in the midst of a national downturn.
A new Real Estate Institute of Queensland report shows the Glitter Strip remained relatively unscathed in the lead up to May’s federal election while other states copped nasty blows.
The Queensland Market Monitor shows the Coast’s median house price softened slightly in the year to June, dropping 0.5 per cent to $622,000.
Unit and townhouse prices also fell, by 0.8 per cent, to $434,000.
The price drops were considered negligible in comparison to Melbourne and Sydney, which recorded falls of 5.8 per cent and 6.6 per cent respectively for houses across the year.
The report said the Gold Coast’s house and unit sectors remained stable.
“Annual median house and unit prices both held reasonably steady, although days on market and vendor discounting increased,” it said.
“While listings and stock on market indicate a strengthening market, median days on market and increased vendor discount point to a slightly tougher time for sellers.”
Houses and units were spending an extra week on the market, with a median of 47 and 57 days respectively, while sellers were getting at least 4 per cent less than their asking price.
REIQ Gold Coast zone chairman Andrew Henderson said the market had showed signs of improvement in the past three months.
REIQ Gold Coast zone chairman Andrew Henderson. Picture: Jerad Williams
While many markets with high price rises often fell just as hard, Mr Henderson said it looked like the Coast had avoided the same fate.
“To remain relatively flat is probably a positive after a number of years of growth,” he said.
“A stable market is what everyone wants.”
With improved lending criteria and a record low interest rate, Mr Henderson anticipated a bumper spring selling season.
“History shows that spring and summer periods are positive sales months,” he said.
Ray White Surfers Paradise Group chief executive Andrew Bell said it was the perfect time to sell up on the Gold Coast.
Ray White Surfers Paradise chief executive Andrew Bell. Picture Glenn Hampson
“This is an ideal market for those thinking of selling as the most notable feature is the
shortage of properties for sale — that’s always an environment sellers should choose to sell in,” he said.
“Migration into Queensland is also very strong and this has underpinned prices across a range of Gold Coast properties.
“This has also led to a shortage of stock with people moving fairly quickly to purchase before any uptick in the market.”
He said there was strong competition for fewer properties on the market.
Source: 28 September 2019 – https://www.realestate.com.au/news/gold-coast-property-market-proves-resilient-through-national-downturn/?rsf=syn:news:nca:gcb:spa