It’s open season in middle of market

PROPERTIES priced in the middle of the market will be at the centre of the real estate recovery party on the Gold Coast as pent-up demand is unleashed in coming months.

Real estate leaders are preparing for a flurry of activity as restrictions on group open homes and live on-site auctions ease from today.

According to Ray White Broadbeach principal Larry Malan, it is the middle of the market that stands to reap the rewards first.

“I think you will see a real lift in the middle of the market in the next 60 to 90 days,” he said. “We’re finding the middle of the market really strong because people are secure in their jobs, they still have income and interest rates are really low.

“The affordability and access to these mid-range properties is amazing.”

Recent sales support that commentary, with well-priced, well-presented properties being snapped up, including 53 Oceanic Dve, Mermaid Waters, which sold on Wednesday for $815,000 in just three days.

Harcourts Coastal managing director Dane Atherton said buyer activity had built in April, putting the market in a strong position to bounce back.

“The rebound in April has taken everyone by surprise,” he said. “We already had great momentum starting the year, then COVID-19 pressed pause on that for a short period, but now the momentum is building again. I am extremely confident that 2020 will finish strongly and could even see our best year in growth yet.”

While buyer inquiry is proving strong, sellers have been slower to come to the party – but that’s expected to change.

“I think a lot of people will list in the next 90 days and fortunately they might get sold,” Mr Malan said.

“Once owners see the activity in the market and more properties with sold stickers on them, they will be thinking: ‘I had better hurry up or I might miss the boat’.”

As for the remainder of the year, Mr Malan said southern markets would provide a barometer for what was to come for residential real estate on the Gold Coast.

“It’s happy days on the Coast for the next 90 days or so, in the middle of the market, and after that it’s a wait and see,” he said. “I think the Gold Coast will eventually follow what happens in Sydney and Melbourne.”