There’s plenty to love about Gold Coast Australia property, but the most desirable houses usually take more than two weeks to sell. According to Dane Atherton, managing director of Harcourts Coastal, houses on the Gold Coast have a median value of $1 million. There’s plenty to be excited about as well, such as new developments on the shores of the Pacific Ocean. In addition to prime beachfront locations, Goldcoast properties offer some of the fastest selling homes in Australia.
As the economy continues to improve, the number of properties that are going to auction is increasing. While more properties are selling on the day, some are going to auction to capitalise on increased buyer demand. The problem is that sellers are reluctant to overprice, and they want to get as much as possible. Before COVID, auction clearance rates were around 50%. Nevertheless, Mr Atherton is optimistic that the market is about to stabilise. Ms Owen says it’s unlikely that the region will see another 36 per cent growth rate in 2022.
The demand for beachfront property is still high, and more people are buying in the Gold Coast than ever before. There are more than enough surf waves on the coast to satisfy everyone’s desire for beachfront living. As a result, the prices of beachfront properties have increased as well. The market is also growing in popularity among families, as more people are choosing to spend time on the coast. Several new luxury resorts have opened in the area.
But even with the rising prices, more properties are being sold on the day. Many sellers want to take advantage of increased demand and avoid underselling. However, more properties are going to auction than they did before COVID, which is the latest move by the Queensland government. So, the market may be stabilising now. But if it does, a new 36 per cent growth is unlikely before 2022. In the meantime, it’s best to invest in a house that can hold its value.
The market is still hotter than it’s ever been. And the prices of beachfront properties have increased by 36 per cent in the past decade. But, if you’re looking to buy on the Gold Coast, be careful not to pay too much. Despite the recent surge in prices, some people are more likely to undersell than others. It’s also possible that the market is about to bottom out. So, before buying in Gold Coast Australia property, it’s wise to wait until the market stabilizes.
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