Demand for Gold Coast real estate has continued strong throughout October as we saw the end of the springtime selling season.
There was a welcome increase of stock during the month, with new listings increasing 13.8 percent Month-over-Month on the Gold Coast, according to the REA PropTrack Housing report. Welcome news for a market that has been driven by high demand since the start of the year.
CoreLogic figures show the average spend for a typical home has also continued to climb with a 1.5 percent increase nationally over the month of October and an average of roughly $350,000 more being spent on a typical home than that of a year ago. With property values on the Gold Coast increasing 1.9% in the three months leading to October.
Search volumes reached historic highs in Queensland, according to the REA PropTrack Housing report, as the popularity of the state still shows no sign of slowing.
High demand continued for luxury apartments as downsizers and cashed-up empty nesters looked to secure new apartment stock, with beach locations still at the top of the list for most buyers.
We are delighted to have finished off the month with a record-breaking sale for Palm Beach as ‘The Wheel House’ 506 the Esplanade, Palm Beach, sold under the hammer for a spectacular $12,000,000, the highest ever residential house sale South of Mermaid Beach.
Highlights for October include:
- 3/7-11 Rutledge Street, Coolangatta sold for $2,150,000.00
- 10/405 Golden Four Drive, Tugun sold for $3,240,000.00
- 138 Cypress Terrace, Palm Beach sold for $3,321,000.00
- 506 The Esplanade, Palm Beach sold for $12,000,000.00
With the weather warming up now that summer is here, we expect to see a new wave of hot demand when borders open back up again in December.
The summer selling season is just around the corner and for those considering selling property, now is the time to start planning and preparing. Currently, we have the best market conditions we have ever seen for selling property on the Gold Coast and now is an opportunistic time to benefit and capitalise on the strength of the current property cycle. That’s why there is no better time to entrust your valuable asset with an award-winning team with an unrivalled reputation of integrity and results. For more information on navigating these current market conditions when buying, selling, or any further real estate matter, feel free to contact me on 0409 057 087.