Gone in a flash

With far more buyers than sellers, data shows properties are being snapped up in speedy sales

PROPERTIES are selling faster now than the same time last year, driven by more buyers competing for fewer properties.

Sellers are the main ingredient missing in the real estate market recovery which is showing strong signs of a bounce back as the state eases its way out of COVID-19.

Data from listings site realestate.com.au shows homes are spending less time on the market than the previous year.

Across Australia, properties listed in April remained on site for a median 52 days compared with 60 days for the same period in 2019.

A number of speedy sales are being reported across the Gold Coast, with one Main Beach unit going under contract within 24 hours of inspections late last month.

“We had six private inspections on the Sunday and an offer the next day which was accepted,” said agent Nicole Bricknell of Cole Residential - Isle of Capri who sealed the deal on 4/4-6 Peak Ave at $445,000.

At the top end of town, three luxury properties on Sovereign Islands changed hands over a four-day period last week including 1-3 Knightsbridge Pde East which fetched around $6 million.

For sale search activity increased by a further 4.7 per cent over the past week, marking the sixth consecutive week in growing search activity.

“We are seeing sizeable pools of buyers who have sold their properties over the past few months now looking to purchase their new homes,” said Andrew Bell, CEO of Ray White Surfers Paradise Group.

“We are also seeing many buyers who have moved from interstate now looking to purchase instead of continuing to rent.”

Listings volumes are still well down, however, with sellers slower to regain the confidence to go to market.

1-3 Knightsbridge Pde East, Sovereign Islands sold for around $6 million through Ali Mian and Edin Kara of Ray White Sovereign Islands.