What a difference a year makes.
One year on from the onset of COVID-19 restrictions and the worst economic downturn in Australia since the Great Depression, property continues to perform above all expectations.
In what has been an outstanding first quarter for our clients and our team, Kollosche achieved $450,782,088 in unconditional sales.
“We started the year with a goal of hitting $1 billion in unconditional sales,” says Kollosche Managing Director Michael Kollosche.
“However, it looks like we might need to revise that target to be closer to $2 billion the way the entire team is performing.”
Kollosche secured eight sales over $10,000,000 in the past three months, including $15,750,000 for 159 Hedges Avenue, Mermaid Beach; $12,800,000 for 139 Monaco Street, Broadbeach; and 297-299 Monaco Street, Broadbeach Waters which fetched $12,500,000.
Phenomenal Q1 results on the Gold Coast are in line with a broad-based property boom.
The national home values index compiled by property data service CoreLogic recorded a 2.8% rise in March – that’s the fastest rate of appreciation in 32 years.
Real Estate Institute of Queensland’s quarterly market report shows prices in some Gold Coast suburbs have jumped by more than 30 per cent.
Twelve of the Gold Coast’s 52 suburbs now have a median house price of more than $1,000,000 with five new suburbs checking into that club during the first quarter of 2021.
Lifestyle loving buyers aren’t afraid to splash the cash – realestate.com.au notes a 6.6% spike in searches for property in the $1 million-plus bracket when compared to the same time last year.
“Prices at the top end of town continue to surprise and delight vendors,” says Michael.
“A lack of supply is the only thing holding the market back at this point.
“If rates stay low and the economy remains stable, there is little to stop prestige properties from achieving premium prices as the year goes on.”