August Market Insights
September 6 2022
Interest rate rises and a calmer approach from buyers than was observed during the peak of the pandemic have resulted in a more stabilised market, putting an end to the buyer frenzy.
It also means that buyers have a little more negotiating power compared to what they have been experiencing over the past 24 months.
Despite a decline in buyer activity being observed across the board, luxury beachfront, beachside and waterfront homes offering an enviable lifestyle are still achieving premium prices.
Luxury turn-key properties were the flavour of the month, with buyers hesitant to commit to homes that require work amid ongoing inflation and construction issues.
While the Real Estate Institute of Queensland (REIQ) last week reported that property prices were falling in many markets across the state, the southern Gold Coast is moving against the trend.
In Palm Beach, for example, the median house price came in at $1,250,000 last month, back on the rise after a slight dip between June and July where the median house price fell from $1,400,000 to $1,169,000.
Housing values are cyclical in nature, moving through periods of growth and decline, yet CoreLogic data looking at the past 30 years shows the long-term shift is undeniably upwards.
REIQ CEO Antonia Mercorella states that even though interest rates are causing household budgets to tighten, confidence in the Queensland property market remains high, bolstered by conditions such as very low unemployment, a tight rental market, wage growth expectations, high interstate migration, and the return of international migration.
In Currumbin, Troy and his team sold a unique hilltop haven with stunning ocean views at 1/5 Kandra Avenue for $3,295,000 to a local Gold Coast buyer. Boosted by a comprehensive marketing campaign and national media coverage, the property caused quite a stir in the market, leading to 216 enquiries and 78 inspections.
A beachside residence at 1/67 Woodgee Street, Currumbin sold off-market for $3,750,000 to an interstate buyer. The four-bedroom villa enjoys an elevated position with views spanning Currumbin to Stradbroke Island.
In a strong end to the month, Troy and his team have facilitated a successful negotiation with 1425 Gold Coast Highway, Palm Beach, which is now under offer close to the asking price of $7,995,000. The development site provided a rare opportunity to purchase a freehold, prime corner site in the Northern heart of Palm Beach, close to Tallebudgera Creek.
With the Spring selling season now under way, we’re expecting a steady stream of properties to come to market as owners take advantage of buyer appetite for the prime weather conditions and coastal lifestyle.
With the market having normalised, choosing a seasoned agent with experience in all property cycles is more important than ever. Troy has 19 years of experience in real estate with a specialised focus on beachside properties between Mermaid Beach and Coolangatta.
For tried and trusted advice to sell your property with confidence, contact Troy Dowker.