Val­ues on the rise

Sales num­bers may be down but val­ues are up ac­cord­ing to the lat­est CoreLogic re­gional re­port

Weekend Gold Coast Bulletin - Property - - FRONT PAGE - WORDS:JES­SICA BROWN

PROP­ERTY sales across the Gold Coast have dwin­dled in the past year but real es­tate ex­perts be­lieve it is the calm be­fore the storm.

The lat­est CoreLogic re­gional mar­ket up­date showed 16,987 prop­er­ties sold in the year to Au­gust — a 15 per cent drop on the pre­vi­ous year.

It was also 13 per cent be­low the five year av­er­age for the re­gion.

How­ever, lead­ing prop­erty ex­perts be­lieved sales would sky­rocket in the next few months, which was tra­di­tion­ally the Gold Coast’s busiest sell­ing pe­riod.

Lucy Cole Pres­tige Prop­er­ties man­ag­ing di­rec­tor Lucy Cole ac­knowl­edged prop­er­ties were tak­ing longer to sell.

But she said that would likely change in over Christ­mas and Jan­uary when peo­ple flocked to the Coast over the sum­mer hol­i­day pe­riod. “The next cou­ple of months tra­di­tion­ally on the Gold Coast are our busiest time, we’ve geared our­selves up for that,” she said.

“We’re get­ting in­quiries now from peo­ple who will be here at that time.”

Pro­fes­sion­als John Hen­der­son Real Es­tate di­rec­tor Luke Hen­der­son backed her com­ments, ex­plain­ing it wasn’t un­com­mon for the mar­ket to slow over the cooler months. “The num­ber of list­ings are cer­tainly down, tra­di­tion­ally though De­cem­ber and Jan­uary are strong sales months so we’re start­ing to see that trend start to change,” he said.

De­spite the drop in sales, the CoreLogic data showed Gold Coast prop­erty val­ues had climbed. House val­ues in­creased about $26,000, or 4.3 per cent, while units were up around $11,000, or 2.8 per cent.

CoreLogic re­search an­a­lyst Cameron Kusher said the Gold Coast’s rate of growth and vol­ume of sales had slowed in com­par­i­son to last year but there was no cause for con­cern.

“It’s a trend we’re see­ing right across the coun­try, it just high­lights that it’s hard to ac­tu­ally ac­cess credit so we’re see­ing fewer sales,” he said. “The trends are def­i­nitely show­ing that na­tion­ally the hous­ing mar­ket is slow­ing.”

De­spite the drop in sales, CoreLogic data showed Gold Coast prop­erty val­ues had climbed.

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