Sales continue to soar despite lockdown
August 13 2021
Kollosche continues to push impressive sales
With a week that saw the Gold Coast enter our fastest lockdown to date, many locals were curious about how the restrictions would affect property value and the potential of their suburb’s future sale prices in the face of more uncertainty.
While we’ve assumed for some time that Covid-19 has been the main catalyst to push Australian home price growth – what we know now is that the figures are as much as 150 percent higher than would have been the case without a pandemic. According to a report just released by top four accounting firm KPMG; The Impact of Covid on Australia’s Residential Property Market looked into how the property market has performed over the last 18 months compared to a ‘no-Covid scenario’.
According to KPMG’s analysis, Sydney has had an incredible 25 percent price growth under Covid-19, which is almost double what it was likely to be achieved without the pandemic. In Brisbane, Covid-19 has pushed price growth out to a 19 percent increase, compared with a no-Covid rise of 8 percent – a difference in the growth of almost 150 percent.
While the statistics didn’t include the Gold Coast specifically, it’s fair to say that it is following suit with CoreLogic’s monthly home value index data. Prices up 2.8 percent since last March, with the recent weeks sales projecting us into the fastest market growth seen for 32 years.
Last Friday saw the exceptional sale of 139 -141 Hedges Avenue, Mermaid Beach by Michael Kollosche, Harry Kakavas and Troy Dowker, which broke the Mermaid beachfront record of price per square meter selling for $17,500,000. According to CoreLogic data, the suburb continues to see high demand and record growth, with last quarter hitting just shy of 20 percent annual growth.
Byron Bay continues to vault above Sydney to become Australia’s most expensive major housing market after prices nearly doubled in just one year. According to realestate.com.au data, the median price in the celebrity coastal hideaway town was on average $1,420,000 million last year and has since almost doubled to $2,700,000.
These results make Byron Bay easily the fastest growing regional market in NSW and the country, leading to more growth for all the Tweed Coast region.
The Gold Coast lockdown did little to slow down the hype for Brian and Denise Dangerfield last weekend as they hosted an online auction of 5 Hyndes Lane, Casuarina, where it sold under the virtual hammer for $2,700,000.
If we can assist with any real estate needs, please do not hesitate to reach out to one of our team members.