The median house price on the Gold Coast increased 1.7 per cent to $480,000. The preliminary numbers of house sales increased 10 per cent compared to the September quarter.
According to local REIQ accredited agencies, sales activity is strengthening however stock is becoming an issue.
Well-priced properties are selling close to list price – especially in the under $500,000 price bracket.
There is currently a lot of pent-up demand which is being released due to the improving conditions, low interest rates, and media commentary on the strengthening Gold Coast market.
According to local agents, there are instances of more demand than supply which is helping price growth, while good stock is becoming increasingly difficult to source.
First home buyers are more active in the market after a prolonged period on the sidelines.
First-time buyers have worked out that it can be more affordable to buy than rent in some areas and they are making their move into the market.
Local agents say the outlook for this year is extremely positive with the potential for continued moderate price growth as well as improvements in the region’s tourism and construction sectors.
Sellers’ expectations are beginning to trend up with many now expecting to sell their properties at or above list price.
Investors are more active in the market given the strength of the region’s rental market which is providing some good returns.
A solid performer in terms of price growth and sales activity was Robina which recorded a median house price increase of 10.1 per cent to $545,000 over the quarter. It also posted an increase in sales over the quarter and the year.
Another strong performer was Palm Beach which recorded median price growth of 12.5 per cent to $540,000 over the quarter as well 10 per cent over the year.
The median unit and townhouse price on the Gold Coast increased 1.5 per cent to $340,000 over the quarter and was steady over the year. While the Gold Coast’s preliminary number of unit sales reduced over the quarter, over the year volumes increased by 21 per cent.
Local agents say the unit market has not bounced back to the same degree as the house market as yet but it is expected to follow its lead in the months ahead.
A solid performer over the quarter was Currumbin Waters which posted median unit price growth of 10.1 per cent to $315,000. Over the year ending December, its median price increased by 7.3 per cent.
In our tourism centres, residential vacancy rates remain at healthy levels. The Gold Coasts recorded a tighter vacancy rate, down 0.4 percentage points to 1.9 per cent since September.
Median weekly rents on the Gold Coast have been steadily increasing since the start of 2013, with three bedroom houses up $20 to $420 per week between December 2012 and December last year – the highest increase in over four years where median rents have hovered around the $400 mark.
The median rent of a two-bedroom unit on the Gold Coast increased $15 per week to $355 over the same period.