Real Estate

gold coast property sales dwindling but experts predict they will skyrocket over summer

Written by The ReReport

The buying season on the Gold Coast is fast approaching.

PROPERTY sales across the Gold Coast have dwindled in the past year but real estate experts believe it is the calm before the storm.
The latest CoreLogic regional market update showed 16,987 properties sold in the year to August — a 15 per cent drop on the previous year.
It was also 13 per cent below the five year average for the region.
However, leading property experts believed sales would skyrocket in the next few months, which was traditionally the Gold Coast’s busiest selling period.
Lucy Cole Prestige managing director Lucy Cole acknowledged properties were taking longer to sell.
But she said that would likely change in December and January when people flocked to the Coast over the summer holiday period.

Latest CoreLogic data shows sales across the Coast have dropped but leading property experts believe that will change over summer.

“The next couple of months traditionally on the Gold Coast are our busiest time, we’ve geared ourselves up for that,” she said.
“We’re getting inquiries now from people who will be here at that time.
“We’re looking forward to a very buoyant January.”
Professionals John Henderson Real Estate director Luke Henderson backed her comments, explaining it wasn’t uncommon for the market to slow over the cooler months.
“The number of listings are certainly down, traditionally though December and January are strong sales months so we’re starting to see that trend start to change,” he said.
Despite the drop in sales, the CoreLogic data showed Gold Coast property values had climbed.
House values increased about $26,000, or 4.3 per cent, while units were up around $11,000, or 2.8 per cent.

Mr Henderson said there hadn’t been as many properties on the market in the past few months, which meant there was more buying competition.
He said that meant buyers were willing to pay more to secure the property they wanted, helping boost property values.
CoreLogic research analyst Cameron Kusher said the Gold Coast’s rate of growth and volume of sales had slowed in comparison to last year but there was no cause for concern.
“It’s a trend we’re seeing right across the country, it just highlights that it’s hard to actually access credit so we’re seeing fewer sales,” he said.
“The trends are definitely showing that nationally the housing market is slowing.
“I think not much is going to change until the banking royal commission is all finished.”

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