How Times Have Changed For Gold Coast Property
Following the very robust gains in Gold Coast property market prices during and immediately after Covid, many experts have been saying for many months now that South East Queensland prices will fall significantly because of an expected drop in demand from southern states’ buyers. Contrary to those expectations, there has been no drop in demand or prices as interstate and international home buyers continue to invest in the Gold Coast because of the excellent lifestyle that is available here.
Twenty years ago, it would have been very hard to imagine that the Gold Coast would become one of the hottest property markets in the country. But a new and vibrant level of wealth has entered the market since Covid which has resulted in more focus being placed on luxury property development. The knock-on effect is that the Gold Coast is being rapidly transformed from a slightly tired family holiday destination, in to a high-end, high-median priced market.
Over the past 12 months, CoreLogic has estimated that Gold Coast prices covering all dwellings (houses and apartments) have increased 12.7% to reach a new record median of slightly over $1 million. This is a significant rise especially at a time when the Australian economy is slowing and there is no immediate prospect of the RBA cutting interest rates. It is therefore our view that Gold Coast prices have now, more or less, peaked and will most likely remain flat until interest rates start to fall. But if there were to be any economic shocks or further significant negative global events, prices across the country could weaken.
The Springtime Selling Season
For those owners giving consideration to selling, Springtime is upon us and has traditionally been the Gold Coast prime selling season. The reason for this is simple; as the weather improves, buyer enquiries reach their peak and record sale prices are achieved.
Are you thinking about selling? And would you sell for the right price? If you would like to have a confidential discussion about your property and how we can help you achieve the best possible sale result, please get in touch. Turner Mayes Real Estate is a boutique agency and Peter Turner has many years of experience selling Gold Coast properties. Our priority is our clients and achieving the best outcomes for them.