Market Activity Gains Momentum
October 7 2022
Activity in the Gold Coast market is starting to build as we head into the final quarter of 2022, with a rise in the number of buyers attending open homes and auctions.
The upswing follows a period of stabilisation throughout Q3, when the market settled into a new operating rhythm within an environment of rolling interest rate rises and climbing inflation.
Confidence in Gold Coast property remains resilient, despite the Reserve Bank kicking off the month of October by raising the base rate a further 0.25 percentage points to 2.6 per cent.
Throughout Q3, the number of properties coming to market rose steadily, yet stock levels remain relatively low compared with previous years.
The lack of stock, coupled with continued shortages of materials and trades in the building industry, are holding up the price of established homes, with demand continuing to far outstrip supply.
The trend is expected to continue as we head into the summer months, further impacted by the traditional influx of interstate investors arriving on the Gold Coast.
These interstate buyers can continue to expect stiff competition from locals, who dominated some of Kollosche’s biggest Q3 sales.
It was a local who secured a 1970s Mediterranean-style villa on the waterfront at 16 Alaska Drive, Broadbeach Waters, for $2,505,000 on 30 September. Sold through Team Harrison agents Corey Bedford and Jamie Harrison, more than 80 people gathered on the property’s back steps to watch it go under the hammer.
With nine registered bidders, the price achieved for the original condition home with eclectic interiors far exceeded the vendor’s expectations. It was also well above the median house price for Broadbeach Waters, which sits at $1,950,000 for the 12 months to September, according to PropTrack.
Vendors who invest in the right marketing are attracting serious buyers come auction day. At a time when most buyers are leaning towards high-end, new-build properties, this sale highlighted what the right marketing campaign can achieve for any property.
In Burleigh Heads, Troy Dowker administered a targeted marketing campaign that led to the landmark $9,700,000 sale of 10-12 Elanora Drive on 23 September. Sold under the hammer before a large group of onlookers, the family home on a double waterfront block facing Tallebudgera Creek attracted 12 registered bidders. Four of those remained active well above $9,000,000. The property sold to a local woman from Tallebudgera, who bought it for her son.
A newly built waterfront property at 10 Rio Vista Boulevard, Broadbeach Waters, sporting a colourful bespoke artwork as part of its facade, garnered wide interest during its marketing campaign through Jay Helprin and Michael Kollosche. The property sold for $5,200,000 on 21 September.
With waterfront and beachfront properties in high demand as we move into the final months of the year, coastal apartments are also performing well, with Kollosche registering several sales at the back end of Q3.
The sales team of Sam Guo and Julia Kuo sold a chic apartment in the ‘Golden Sands’ building at Main Beach for $1,850,000. They received 121 enquiries, 60 inspections and two written offers for the renovated unit at 901/375 Main Beach Parade, which was snapped up by a Queensland buyer.
Apartments in the Oracle buildings in Broadbeach have also proved to be hot property with Rob Lamb settling several over the past quarter. They included 21406/21 Elizabeth Avenue, which sold for $1,020,000 and 2004/1 Oracle Boulevard for $1,325,000. Two further sales were made off market for 3501/1 and 23801/21 in the dual towers for $3,100,000 and $4,125,000 respectively. All four apartments went to interstate buyers.
If you are thinking of selling a property asset before December, reach out to one of Kollosche’s experienced sales agents who can help you with your property journey.