Gold Coast Market Shows Resilience
September 2 2022
Property prices in Queensland continue to show positive growth, despite a cooling of the market in the first half of the year.
According to data released by CoreLogic for the June quarter, the median house price across the state rose by 3.61% and unit prices a modest 1.59%.
While the figures are far from the levels recorded 12 months ago, when median house price growth was tipping 25%, they indicate that the successive interest rate rises over the past four months have not had as detrimental an effect on pricing as anticipated.
When the Reserve Bank first announced it would be raising rates, it warned that a rise of 200 basis points over two years “would lower real housing prices by around 15 per cent”, leading the value of a million-dollar home to tumble to $850,000.
Since May the rates have risen from 0.05% to 1.85% and yet the Gold Coast market has as yet shown no signs of heading into negative house price growth territory.
Although profit margins may have narrowed, the high gains achieved over the past two to three years have allowed prices to remain in the black during the recent market correction.
And decent profits are still being achieved in many suburbs, specifically Broadbeach Waters, which PropTrack recently identified as being among the best in the nation for healthy profits.
According to the data, owners in Broadbeach Waters, who held their properties for 5.3 years, made a median profit of $892,500 in the three months to July.
Two other suburbs identified as high achievers were Bundall, and Clear Island Waters, with sellers there holding their homes for a respective 4.73 years and 4.17 years earning a median profit of $731,000 and $725,000, over the same period to July.
For those looking to get a foothold in these suburbs, Nick Lapenna and Marco De Vincentiis are calling for expressions of interest on a 1171m2 east-facing waterfront holding at 57 Bermuda Street, Broadbeach Waters with city skyline views.
Going to auction on Friday, 16 September, at 2.30pm is a hard-to-come-by freestanding villa in a quiet and exclusive pocket of Broadbeach Waters. The tri-level property on the water at 2/20 Conifer Crescent has a practical layout to suit a family or executive couple. It is being marketed by Corey Bedford and Michael Kollosche.
If you are looking for opportunities to purchase within a specific suburb, please reach out to the team who can talk you through properties both on and off the market across the Gold Coast.