Quality Over Quantity
June 15 2022
The number of properties coming to market – or lack of them – has been a major factor influencing sales results in the Gold Coast’s prestige property sector in recent months.
CoreLogic’s latest quarterly Regional Market Update 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.
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 residences changing hands through Kollosche.
The number of high end transactions– defined as those over $7 million – is already well into double digits and tracking above top shelf sales for the same period last year.
The $21,000,000 sale of an iconic mansion at 159 Hedges Avenue, Mermaid Beach has set the 2022 price pace for prestige property on the Gold Coast.
Those negotiations were handled off-market by Harry Kakavas and myself, as was the $19,000,000 sale of a two-level sky home off the plans for Amani, Main Beach which set a new Queensland record for a high-rise apartment.
These key sales are among 14 unconditional deals completed by myself and Harry Kakavas along the beachfront within 14 weeks spanning March-May and amounting to $171,535,000.
Not all of the sales action has been on the beachfront, however Carrara gained a new suburb record in late April when offers from three prospective buyers drove the sale price on 640 Nerang Broadbeach Road beyond asking to$13,000,000.
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.
Top Performers Recognised
Five Kollosche agents are listed among the state’s top performing agents in the 2022 REB TOP 50 QLD list which ranks agents based on verified settled sales data for the 2021 calendar year.
REB independently benchmarks agents according to key metrics including number of properties sold, the total dollar volume of sales, their average days on market, and average sale value.
I am elated to have sold the highest volume of properties by dollar value in the state for the third consecutive year, with settled sales totalling $426,216,888 with an average sale price of $4,916,120.
Congratulations to Troy Dowker who also featured in Queensland’s Top 10, having sold 62 properties in 2021 for a total value of $192,299,777 – this placed Troy as the sixth highest in Queensland based on total dollar volume.
Kollosche prestige agents Sam Guo and Julia Kuo ranked 14th overall in Queensland based on all metrics, but had the seventh highest total dollar volume of sales at $160,524,000.
These results reflect the calibre and commitment of our agents whose performance ranks among the best in the state to the ultimate benefit of our valued clients.
If our team can be of assistance in June, please do reach out for a conversation around your real estate goals.