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