The temperature rise has done little to cool the appetite of the property market. As we have seen throughout the last year, there has been a spike in popularity for Gold Coast real estate, causing the market’s strongest growth since the 1980s.
The latest Domain House Price Report shows that the average price across Australia for houses has now reached $1,000,000. The month of October saw a 1.5 percent rise in housing values nationally over that of the previous month.
According to the report, Mermaid Beach became the first ever Gold Coast suburb to hit a $2,000,000 medium while the Coolangatta region claimed the biggest quarterly price rise over the three months to September on the Gold Coast with a 12.1 percent increase, the median house price now sitting at $1,150,000.
Recent data from REA Group’s PropTrack shows that the Gold Coast region is at the top of the list in searches for interstate property, with the Sunshine Coast and Greater Brisbane coming in at second and third place.
A large wave of investors are also likely to hit the coast once the borders reopen, drawn in by a combination of factors including attractive rental yields, low borrowing costs and ongoing capital growth coupled with a return of booming tourism, population growth and the 2032 Olympic Games.
Selling over Christmas
The festive season is fast approaching, and with borders open travellers will be returning to the Gold Coast these summer holidays.
The Christmas period is widely regarded as a quiet time in the real estate sector; however, it can be a golden opportunity to make the most of the market.
There are several advantages to buying or selling property over the holidays.
Buyers are more determined during this period and tend to be more serious about purchasing property as they are eager to settle into their homes before the start of the new year. This means that the quality of buyers over the holiday period is better.
Due to holidays, buyers and sellers generally have more spare time to organise purchasing or selling properties, and with the long-awaited borders open again this summer, we are expecting a wave of holidaymakers on the coast, increasing the potential of new buyers looking to move.
As many are looking to relocate to the Gold Coast for a lifestyle change, showcasing properties in the summer, particularly those properties within close distance to the beach or waterfront will benefit from the allure of the Gold Coast summer.
Hot Property Sales
We saw some fantastic sales throughout the month, including a record-breaking sale by Troy Dowker at ‘The Wheel House’ 506 the Esplanade, Palm Beach, which sold for a spectacular $12,000,000, the highest ever residential house sale South of Mermaid Beach.
Sam Guo and Julia Kuo saw a fantastic auction result at our in-room auctions selling 602/3575 Main Beach Parade, Main Beach. After receiving 230 enquiries throughout the campaign, 13 registered bidders battled it out with the property going under the hammer for $2,150,000, a new record price of a two-bedroom layout for the building.
The Commercial sector has continued to grow along with the strength of the residential market, and the Kollosche Commercial team has seen some truly spectacular sales recently with a massive achievement of The Lakes Retail Precinct Lot 2000 and 2005 selling for $44,818,000, and Lot 909 and 915 The Lakes selling for $32,750,000.
With all eyes firmly planted on the Gold Coast this summer, the trend of demand and growth is predicted to keep up the ongoing strength of the property market. Take advantage of this holiday period as the Gold Coast borders reopen, and an influx of potential buyers return to the coast.
Merry Christmas from Kollosche. We wish you all a safe and happy holiday season and thank you for your support throughout the year.