Low Stock Favours Vendors
May 20 2022
The number of properties coming to market – or lack of them – remains a major factor influencing sales results in the Gold Coast’s prestige property sector at present.
CoreLogic’s quarterly Regional Market Update, released this week, reveals that low stock levels aren’t exclusive to the Gold Coast – the number of homes for sale across Regional Australia is tracking more than 40% below the five-year average and 20.5% lower than a year ago.
While fewer properties are being listed, the report shows that quarterly sales activity across Regional Australia has been tracking about 20% above the five-year average.
These metrics point to a disconnect between supply and demand creating conditions that continue to favour vendors over buyers, particularly in more tightly held pockets.
Bidding activity was competitive among seven local and interstate contenders who pushed the price to $7,400,000 for a result that exceeded the street record by almost $2,000,000.
Six bidders lined up for the auction of a substantial 1,378m2 parcel of land facing north-east to water in a point position at 21 Sheridan Park Avenue, Broadbeach Waters.
While fewer homes are making it to market, it’s a case of quality over quantity in the prestige sector with a range of impressive designer residences now listed through Kollosche.
William Sarti is taking expressions of interest for 2216 Arnold Palmer Drive, an ultra-contemporary luxury residence designed by award-winning architect Joe Adsett in Sanctuary Cove’s exclusive Masters Enclave.
Celebrated architect Bayden Goddard leaves an indelible mark on 12 Freyburg Street, Sorrento where a newly-built residence facing north to water is listed by Eddie Wardale with an asking price of $6,665,000.
Down the southern end of town, a glamorous four-level Chris Clout design boasting an 8m glass-edge pool overlooking Flat Rock Beach at 662 Pacific Parade, Tugun is destined for auction by Michael Kollosche and Jay Helprin.
Our team is here to assist both buyers and sellers as we move through May. We invite you to reach out for a conversation to progress your real estate goals.