Southern Beaches Q1 Market Report
April 24 2023
Positive sales results were achieved in the southern beaches property market over the March quarter, with heightened demand outweighing the limited supply of quality stock in the six key suburbs of Bilinga, Burleigh Heads, Coolangatta, Currumbin, Palm Beach and Tugun.
While it is typical for local and interstate buyer activity to spike in January, the interest observed by the team over the month exceeded expectations, marking a strong start to the quarter.
Enquiry from interstate buyers, while high, was eclipsed by strong enquiry from South East Queensland. Demand was mostly for beachfront properties and those that offered ocean or water views, with the preference remaining for luxurious homes that are turnkey or require little renovation.
Despite the high presence of motivated buyers, southern beaches properties were tightly-held in Q1, with Core Logic data showing a drop in sales volume for most of the key suburbs over the summer months, compared with the previous three-month period.
Burleigh Heads was the only suburb that experienced an increase in the number of properties that changed hands, recording a jump of 3.6 percent by February.
Sales volume decreased in the five remaining suburbs, with Bilinga transactions down 16.7 percent, followed by Coolangatta at 17.6 percent, Currumbin6.1 percent, Palm Beach 3.7 percent, and Tugun 3.4 percent.
The limited supply meant buyers had to make competitive offers to secure quality homes, which buoyed robust median sale prices throughout the quarter in some suburbs.
Despite commentary surrounding the normalisation of the wider market, the upper echelon continued to prove more resilient to the evolving conditions.
Team Dowker achieved a plethora of outstanding results totalling $50,200,000from January 1 to March 24, with the top four sales each exceeding $6,500,000.
The team had great success at auction, reporting a clearance rate of 83.33 percent from January 1 to March 24. There were also a number of excellent off-market sales, where long-term relationships with prospective buyers culminated in a great result for vendors.
Team Dowker attained the top three highest Q1 auction sales across the Gold Coast, with the top result recorded at the January auction of 746 Pacific Parade, Currumbin, the second at the March auction of 670 Pacific Parade, Tugun, and the third at the February auction of 69 Jefferson Lane, Palm Beach.
This indicates the high amount of capital within the private sector, and shows that premium results are possible in a changing market with the guidance of a seasoned agent who is experienced through different cycles.
If you’re considering the sale of your prestige asset in 2023, reach out to Team Dowker for the best chance at a premium result.
746 Pacific Parade, Currumbin
Sold at Auction, January 27 for $10,125,000
458 Enquiries | 79 Inspections | 16 Registered Bidders
Buyer Origin: Gold Coast, QLD
69 Jefferson Lane, Palm Beach
Sold at Auction, February 3 for $8,900,000
336 Enquiries | 102 Inspections | 15 Registered Bidders
Buyer Origin: Sydney, NSW
670 Pacific Parade, Tugun
Sold at Auction, March 24 for $9,100,000
178 Enquiries | 39 Inspections | 11 Registered Bidders
Buyer Origin: Brisbane, QLD
101/2 Twenty Third Avenue, Palm Beach
Sold off-market, February 3 for $6,525,000
Buyer Origin: Brisbane, QLD
0409 057 087