May 2022 Southern Beachfront Market Insights
June 7 2022
As the wider Gold Coast residential real estate market continues to normalise, prestige property results have been healthy in the city’s southern beachside belt.
The average number of bidders per property in May has decreased when compared with the previous month, indicating that the rate of price growth has moderated.
Buyers have been active across southern suburbs, with properties in Burleigh Waters, with a decrease in average days on market reported during May for property in Burleigh Waters, Palm Beach and Currumbin.
House prices remain healthy in this market, with the median house sale price increasing for the key suburbs of Currumbin, Coolangatta, Palm Beach and Burleigh Waters.
The median house price for both Currumbin and Burleigh Waters is $1,630,000 while houses in Palm Beach are priced at a median of $1,580,000.
Whilst the depth of demand is slightly lower, the quality of buyers remains the same. Our team has been fielding strong interest from South East Queensland as well as interstate buyers based in New South Wales and Victoria.
Increased costs with inflation, limited supply of materials, and extreme weather events are causing extensive delays in new builds, with some unable to go ahead.
We are seeing a shift in buyer activity as a result, with those originally planning to renovate or invest in new developments instead opting to pay a premium for established homes to avoid the increased costs and delays. This is keeping competition strong and sale prices high for established property.
The sale of a waterfront family home at 3 Kingfish Court, Palm Beach is a solid indication of the competitiveness still present in the southern beachside market. The property sold prior to auction for $2,700,000, which is well above Palm Beach’s median house sale price of $1,580,000 for the month of May.
Other Recent Prestige Sales by Troy Dowker:
While it is impossible to predict exactly what the market will do, the data doesn’t indicate any signs of imminent turbulence for South East Queensland’s key suburbs.
Density constraints and a strong desire to call the southern Gold Coast home will keep competition strong and buyer quality high as we move through winter.
Kollosche auction clearance rates are strong at 88%, with residential properties selling for up to an average of 8% above the vendor’s reserve, and some achieving as high as 19% over.
With 19 years’ experience and a specialist focus on the southern beachside market, Troy Dowker has the tools to market your property effectively in this fluid market.
Please do reach out in June for a conversation around your property goals and the best strategy to achieve them.