Where to now as selling season hits
SPRING kicks off this week and the new season generally brings with it an uplift in properties hitting the market.
Coming off the back of an unprecedented Covid-fuelled property boom, we knew the Coast market would head in a new direction.
But with suburbs still recording huge price gains and record prices still being achieved across the city, it’s hard to grasp a potential slowdown.
Rising interest rates and cost of living struggles are impacting the market but the need and want for Gold Coast real estate remains high.
So are we heading towards an even playing field? Or will it be more of a correction period?
While it’s not even just yet, the playing field is starting to level out somewhat when looking at stock.
Over the weekend we reported on buyers potentially having greater negotiating power – in suburbs where listings had increased by up to 100 per cent.
Currumbin Waters was leading the pack – the number of both houses and units on the market has more than doubled according to Quarterly PropTrack data.
Twice the number of homes were for sale in Tamborine as well, while Molendinar, Gilston and Reedy Creek each had an uplift in listings of 80 to 95 per cent.
For units, strong growth in listings was also recorded in Reedy Creek (82 per cent), Carrara (59 per cent) and Oxenford (51 per cent).
However, PropTrack economist Angus Moore said the total stock of homes for sale was still down about 25 per cent compared to prepandemic levels.
“The good news for buyers heading into this spring is it looks like there will be a bit more choice than at the same time last year, when southeast Queensland and in particular the coastal areas were really popular,” hesaid.
Ray White Surfers Paradise (RWSP) chairman Andrew Bell said small adjustments would likely occur in the near future due to the nature of property booms.
“But we are not predicting any massive drops or longterm crisis such as those experienced with the GFC,” Mr Bell said.
“While there is activity around interest rates that will impact the market somewhat, the contributing factors are very different, and we are not expecting anything dramatic – especially given what we are seeing right now.
“Last year was frantic, and seller’s expectations were very high. Now, we are seeing an alignment of seller’s and buyer’s expectations around price, and that translates into deals being done.”
Over late June to late July, the Ray White Surfers Paradise team took 75 properties to auction, with 68 sold, achieving a clearance rate of 90.6 per cent.
“Generally mid-year is a softer market, so we have been pleasantly surprised at the clearance rate and high activity on the Gold Coast, which bodes extremely well for the upcoming spring season,” he said.
Kollosche agent Troy Dowker just listed a sprawling waterfront trophy residence in Burleigh Heads, and said while the market may be changing, it would not stop someone snapping up their dream home.
“You can’t replace something like this,” he said. “A potential buyer might not be shopping for real estate at the moment but the fact it has become available might push someone to snap it up.
“It’s one of those houses that you admire from afar and if it ever comes on the market, you might do what you can to acquire it.”
The property, at 10-12 Elanora Drive, is on a 1286sq m double block.