Stability is key as market matures

House stock low but interest remains high in Gold Coast property

With the Reserve Bank of Australia’s program of interest rate hikes forming much of the narrative of 2022, what is in store for the Gold Coast property market this year? Industry insiders have tipped stabilising prices and a return of buyers who may have been sitting on the sidelines through last year following the pandemic’s astronomical boom.

Amir Prestige principal Amir Mian said listing numbers were expected to remain below pre-pandemic levels through summer.

“I still see the level of stock remaining limited, as strong migration to the Gold Coast and Southeast Queensland continues, but not many people are leaving the state or listing their homes for sale,” Mr Mian said.

“I do see prices stabilising, now that we may have the bulk of the interest rate rises already out of the way and that will help people who have been sitting on the sidelines to start to feel secure the enter the market.”

He said a softening of house price growth across the city would continue, as subsequent rate rises had slashed buyers’ borrowing capacity through last year.

“Hopefully, the weather will also be in our favour this year, as the last two years have brought so much rain and that too has impacted on property sales through the summer months.

“Overall, I don’t see a drastic change in the market, at least not in the short-term.”

Amir Prestige is gearing to take a selection of high-end properties to auction at their summer event at the Langham on

January 24. They include 131-135 Monaco St, Broadbeach Waters, a three-level megamansion in a dress circle location with dazzling city skyline views.

The five-bedroom, eight-bathroom property is marketed by Mr Mian with Marc Keswell.

Harcourts Coastal sales director Rob Forde said the city’s ongoing rental crisis had showed little signs of easing, which was another factor securing house prices against a more severe downturn, as seen in other states.

“Based on what we’ve seen last year, the rental crisis is still in place. The lack of supply of availability for housing is unbelievable, and I think that stems through to what happens in the sales market,” Mr Forde said.

“Previously, there’s been plenty of discussion around the impact that interest rate rises will have, and no doubt they have had an impact, however there hasn’t been a drastic shift and one of the reasons for that is a lot of people who have owned properties have done really well over the last few years to be able to weather the rate rises.”

Mr Forde said recent weeks had shown, “no lack of buyers” with auctions on the Gold Coast pushing on through the festive season.

“In the last few weeks of the year, more people have been looking for a good buy, but I think the Gold Coast has definitely matured into a market that is performing on par with what you would expect in major cities on the eastern seaboard,” he said.

“The Gold Coast is certainly not boom or bust and I think [this] year will continue to show its strengths as a good, solid market.”

17 Hedges Ave, Mermaid Beach which is being marketed by Amir Prestige and (right) 2 Calmwater Drive, Helensvale marketed by Ray White Broadbeach Waters.