Southern Prestige Gold Coast July Market Insights
August 5 2022
The southern prestige and beachside property market remained healthy during July, with some normalisation of buyer activity in line with the wider Gold Coast market.
The interstate interest that saw the market boom during the peak of the pandemic has begun to ease, with enquiry from Sydney and Melbourne giving way to a rise in local interest.
Shifting buyer sentiment means sellers are having to align their expectations to what buyers are willing to pay, affording buyers more negotiating power than they’ve had over the past 24 months.
This shift is reflected in the lowering of median house sale prices for the month of July, where Palm Beach’s median house sale price moved from $1,400,000 in June to $1,169,500 in July.
Despite the softening being noted across the board, the southern prestige and beachside property market is proving to be more resilient at this stage of the market cycle. This is due to a steadfast buyer appetite for the enviable seaside lifestyle offered between Burleigh Heads and Coolangatta, and the limited supply of high-quality residential homes.
Tugun has been named one of the Gold Coast’s newest million-dollar suburbs, recording a median house sale price of $1,450,00 for July, up from $995,731 in May 2021. One house changed hands in Bilinga for $2,335,000 in July, surpassing a single $1,100,000 sale in June.
The Troy Dowker Team achieved a 100% auction clearance rate and $9,527,500 in total unconditional sales for July. This included the top result for Currumbin with the $3,800,000 sale of 15 James Street. The unique multi-level sanctuary was snapped up prior to auction after only nine days on the market. The sale price well exceeded the suburb median house sale price of $2,500,000 for July.
The premium ‘Village’ apartment at 903/6 Palm Beach Avenue, Palm Beach sold prior to auction for $2,300,000 following a comprehensive marketing campaign that attracted 130 enquiries. In a strong finish to the month, Troy sold 96 Mallawa Drive, Palm Beach seven days after auction for $3,427,500. Set on a wide water parcel, the property attracted 70 inspections before being sold to a local buyer.
Due to inflationary pressures, material limits and supply chain issues plaguing the building industry, most buyers will remain hesitant to commit to properties that require work. Modern-turn key properties will remain in high demand, with buyers willing to pay premium prices to secure them.
While buyer activity tends to be more conservative in the winter months, we anticipate lifestyle buyers will become more motivated in the spring as they hunt for properties to enjoy come summer.
Now that we have entered a new market trend, it’s paramount that you appoint a seasoned agent with a wealth of experience through different market cycles to help you navigate the sales process for the maximum sale price.
If you are considering selling, please reach out to Troy Dowker, whose 19 years’ experience can help you achieve the best possible result in any market.