The Gold Coast’s premium property market continues to go from strength to strength as we head into what is expected to be a bumper Spring season. While beachfront prices are still on the rise, acreage property and luxury apartments are the surprise packages from the recent month.
This time last year Australian house values had recorded a fourth month of decline down 0.4 percent, however, the Gold Coast held strong. The median value of a house in Mermaid Beach lifted from $1,450,000 in January 2020 to $1,565,000 by the end of September 2020.
Our most recent period reports that between April and August 2021 we’ve seen Mermaid Beach’s median value reach $1,720,000, hitting just over 20 percent growth (according to CoreLogic data) and beachfront properties hitting record prices.
It was a fantastic result and the highest price per square metre for the Mermaid beachfront to date.
Multi-Millionaires’ Row is hot property with a two-storey beachfront residence at 127 Hedges Avenue selling for $15,600,000 in an off-market deal and another at 159 Hedges Avenue earlier in the year sold with Ryan Ward for $15,750,000. Kollosche’s focus on collaboration continues to see record results for our clients.
This year as a business we’ve embraced the opportunity to give back to local communities who share our value for community. We’ve partnered with Kurrawa Surf Club to become a major sponsor to support the club and nippers program for the 2021/22 and 2022/23 seasons.
Gold Coast beaches are such a valuable asset for every resident and this partnership ensures we are able to further support the work of the volunteers who keep our beaches and our families safe.
Interstate migration remains strong but not everyone is headed straight for the beach.
Some are looking for a tree change and fresh appeal in the valleys and hinterland regions of the Gold Coast and Northern NSW. We are blessed to have such a diverse range of land and property offerings.
Tamborine Mountain jumped 36 percent in the June quarter with the median house price at $1,100,000. The hinterland suburb of Currumbin Valley, meanwhile, recorded impressive annual price growth of 42.9 percent, taking the median house price to $1,250,000. With ongoing COVID-19 lockdowns and working from home now the norm, a leafy tree change is more desirable than ever.
The charming Queen Anne style home at 30 Grandview Terrace, Tallai is a perfect example of what can be achieved with great teamwork.
Sight-Unseen Sales Spike
Site-unseen sales continue to surge due to the ease of technology, a massive backlog of people planning to move to the coast and our agents being prepared in advance for quality buyers who are ready to act.
With the FOMO-fuelled frenzy still strong, demand for quality homes is yet to subside with some agents suggesting they are receiving multiple calls for stock enquiries with the message being crystal clear that 9 out of 10 properties will sell if they are listed now.
One standout sale saw the impressive 27 Namatjira Court, Broadbeach Waters sold under the hammer unseen for $5,415,000 by agent Jamie Harrison. The prestige property was sold to an Australian expat family returning from Singapore while in quarantine. This was the most viewed property for August with the highest generation of leads on the Gold Coast.
Off-the-plan Soars for Apartments
Off-the-plan apartment sales are showing no sign of slowing down and are in fact making a quick comeback.
Demand for luxury apartments is being driven by downsizers, cashed-up empty nesters, and interstate buyers looking for a holiday or retirement home.
We saw a recent sale for Rob Lamb, at 2902/272 Hedges Ave, Mermaid Beach sell for $3,900,000 where the luxury half floor apartment went for almost $600,000 more than the vendor paid off the plan over 12 months ago.
The demand for quality rental properties continues with a shortage of properties across the board due to the influx of migration to the Gold Coast. We’re seeing demand for beachfront apartments with the highest enquiries for areas of Main Beach to Palm Beach. In housing, four bedroom family homes with pools in the $1,500 to $2,000 per week price range continue to be the most requested. There is not enough quality rental properties for the amount of people wanting to make the Gold Coast their home.
Commercial High Performances
The commercial market has continued to perform well. Enquiry levels demonstrate that there is a large appetite for owner-occupier properties (commercial and industrial) as well as tenanted investments.
The confidence in the commercial sector can be attributed to both the performance in the residential sector, where cashed up sellers are looking to invest their money for higher returns as well as the current lending environment which provides a lucrative scope for owner-occupiers to purchase at a cost less than the current rental rates.
Spring is on our doorstep and while FOMO is still strong and quality buyers are around, it’s not a question of where the top is, it’s more a question of do you want to miss out on these opportunities?
Enjoy the change in season, as we enter Spring’s warmer water temperatures and bluebird days on the glorious Gold Coast.