Coast prices know no bounds

It has been a steady trajectory for region’s median house price

IT’S no longer a secret that the market has slowed. The days of buyers being prepared to pay any price for any property, often sight unseen, have mostly passed. Yet this cooling of buyer frenzy has not in any way led to a cooling of prices.

In fact, the median Gold Coast house price has continued to rise at the same frenetic rate since the start of the pandemic – jumping anywhere from $15,000 to $20,000 roughly every four weeks.

This week it again moved upwards, by $18,250, according to realestate.com.au, taking it from $901,750 to a record $920,000. Units obediently followed suit, notching up a further $11,000 to bring the median price to $540,000.

In January 2020, just before Covid hit, the median house price on the Gold Coast was $690,000 and $430,000 for a unit.

A lack of listings is keeping prices solid, and while some areas are reporting, for the first time since the pandemic, a market shift to favour buyers, the same cannot be said for the Coast. At least not yet. Sales over the past week show that good properties in the right location are still commanding a premium.

One exmaple is the $3.6m sale of an apartment in the Pacific building at 601/2 Twenty Third Avenue, right on the beachfront in Palm Beach.

The three-bedroom apartment with uninterrupted sea views was sold at auction through Troy Dowker of Kollosche.

On Sovereign Islands, Edin Kara of Ray

White, sold a mansion spread across three blocks at 91-93 The Sovereign Mile for $7.8m.

The house designed by architect Michael Witty, has 63m of waterfrontage, a tiered cinema room, eight-car basement and views of the Broadwater.

Mr Kara said the buyers were locals, already living in Sovereign, who had been eyeing off the property for some time.

Not all of the sales action was happening on the waterfront, however.

In Nerang, a six-bedroom family home at 28 Yamanie Crt was fought over at auction and sold under the hammer for $2.38m, the second-highest price paid for a house in the suburb. It was marketed by Marco De Vincentiis and Nick Lapenna, of Kollosche.

91-93 The Sovereign Mile, Sovereign Islands, has changed hands for $7.8m.