Gold Coast property market to flourish this spring
LIKE gardens everywhere, the Glitter Strip’s property market is set to flourish this spring.
Buyers will be enticed by the warmer weather and a rise in listings is expected as the haze from the national market downturn begins to clear.
And while the Gold Coast weathered the cooler conditions well, the market still has some bouncing back to do — something the experts are tipping will happen during a bumper spring selling season.
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Ray White Surfers Paradise CEO Andrew Bell said spring buyers were driven by the desire to be in their new home before the New Year.
“Spring is always a robust period in the real estate market as the market awakes from somewhat of a slumber during the winter months,” he said.
“This spring season will vary largely because of a significant shortage of property on the market.
“We are in new territory for record-low interest rates and this is definitely a period of time that buyers should capitalise on.”
The Gold Coast’s overall median house price has dropped $5000 to $650,000 in the past 12 months, according to the latest CoreLogic figures.
The median unit price fell just $250 to $407,000.
Despite the price falls, the median figure is up by more than 9 per cent looking at three-year growth for both property types.
Houses are spending an average of 45 days on the market; units 54 days.
Kollosche agent Eoughan Murphy said the greener grass would hopefully give sellers confidence to put their properties on the market.
“This year we have seen a lot of sellers sitting on their hands and buyers holding back trying to predict the market,” he said.
“The Gold Coast is finally in a position where it is standing on its own two feet and the basic fundamentals of the market are very strong.
“Our unemployment rates are one of the lowest in the country alongside one of the fastest population growth rates. Private and government funding in infrastructure is at an all-time high so I feel we will see flow pick up dramatically across all price points in the next few weeks.”
Mr Murphy said buyers had big appetites but there wasn’t enough stock to please them.
“For buyers, there has never been a better time to purchase a property.
“The market has steadied, the outlook for the entire Gold Coast is one of the most positive in the country and money is so cheap at the moment — find your dream home and lock it in.”
Real Estate Institute of Queensland Gold Coast chairman John Newlands echoed the outlooks for spring and said the market was set to stabilise.
“We have record-low interest rates, the fear of the abolishment of negative gearing has been removed and the re-election of the government has created stability in our market,” he said.
“This spring should be different as we are seeing solid migration from interstate buyers as their markets have cooled.”