What to Expect of the Gold Coast Property Market in 2023
January 6 2023
One week into the new year and anyone thinking of selling or buying is wondering what is in store for the property market in 2023.
Industry commentators have so far remained relatively reserved on the subject, but outside of another global catastrophe, early signs indicate that Gold Coast property will remain resilient this year.
A market correction in 2022 was inevitable following the highs of the pandemic, yet CoreLogic data shows that regional house prices still managed to end the year in the black, registering 1.9 per cent annual growth.
What is more significant is that median house prices remain 32.2 per cent above pre-Covid levels, leaving existing homeowners with plenty of scope to achieve healthy capital gain if selling in 2023.
Gold Coast prestige properties outperformed the wider market last year, a trend which is expected to be maintained throughout this year, buoyed by strong buyer appetite and continued high levels of interstate and international migration to the region.
Despite the potential for further interest rate rises as early as February, low stock levels, particularly in the prestige sector, which kept prices strong in the region last year, is not expected to alter significantly.
Demand continues to outweigh supply and those bringing quality homes in sought-after locations to market in 2023 can expect to achieve premium market prices.
The high demand for luxury homes was evident throughout the final days of December, when sales agents Michael Kollosche and Harry Kakavas, in conjunction with Rob Lamb, secured $9,200,000 for a two-level sky home in the landmark 272 Hedges building in Mermaid Beach.
The 513m2 apartment, owned by entrepreneurs Tom and Emma Lane, sold two days prior to Christmas and ahead of its January auction date, for $2,000,000 more than the couple paid for it in February 2022.
Also in prestigious Mermaid Beach on the cusp of the new year, Michael and Eoghan Murphy sold 1/8 Albatross Avenue for $2,850,000. The four-bedroom villa is metres from the beachfront and in proximity to the vibrant Nobby’s precinct.
Demand for new or newly completed homes will continue to trend upwards in 2023. Yet with stock along popular beachfront and central waterfront locales difficult to find, high-quality homes in good locations in less traditional, or ‘bridesmaid’ suburbs, are gaining traction among buyers.
Being auctioned this month is an immaculate seven-bedroom home at 3 Kootingal Street, Ashmore, which has hosted Tom Hanks, Baz Luhrmann and Elon Musk. The beautifully appointed architectural home located on a quiet, private stretch of Main River will go under the hammer on 20 January at 10am and is being marketed through Michael Kollosche and Harry Kakavas.
An Asian-inspired home at 64 Cabana Boulevard in Benowa Waters, conceived by award-winning designer Reece Keil and with the amenities of a six-star resort, will also go under the hammer this month. Located on Main River and marketed by sales agents Daniel Sharp, Michael Kollosche and Brad Coyne, the auction will take place onsite on 27 January at 2pm.
If you are thinking of selling or buying in 2023, reach out to one of our experienced agents for a conversation around your property goals.