Gold Coast $1m-plus property sales more than double in ‘boom market’

The number of $1 million home sales took a remarkable jump in February as the Gold Coast market entered ‘boom territory’. WHAT IT MEANS FOR YOUR HOME

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THE number of $1 million home sales more than doubled in February as the Gold Coast market entered ‘boom territory’ thanks to low interest rates and strong interstate migration.

Property records show there were 283 $1 million-plus residential property sales in February, up on 115 sales in the same month in 2020. That’s a 146 per cent jump.

It comes off the back of 265 high-end sale contracts settling in January.

Ray White Sovereign Islands’ Edin Kara negotiated a deal to sell 28 King Arthurs Court in the elite enclave for $2.13 million - a 31 per cent hike on what it sold for in 2015.

Buyers Lynette Snow and Bruce Yahl originally wanted it last year. But finding it not on the market they instead settled for 47 Knightsbridge Pde East, which they bought from country singer Daryl Braithwaite.

Mr Kara said the pair, who migrated from interstate, jumped at the chance to acquire 28 King Arthurs Court when it came on the market late last year because they wanted a single-level home. They sold their previous property for a gain of $175,000 or 8 per cent in just six months.

“The market started changing in September,” Mr Kara said. “It has gone up 10 to 15 per cent in the past six months.

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“I’m getting huge amounts of groups through open homes. Where there would normally be two to four there’s 12.”

Jackson Paradise, of Ray White Surfers Paradise, held a successful auction campaign for 7 Katta Ave in Currumbin sold by David and Vanessa Jensen. The multi-level home with pool and skyline views sold under the hammer for $4.25 million.

7 Katta Ave, Currumbin, has sold for $4.25m.

“We had a huge amount of interest from all over Australia. We had … multiple offers prior to auction and it sold under the hammer.”

Mr Paradise said there were a number of reasons for the booming market.

“Low interest rates, interstate people moving up here with their families and expats moving back to Australia. I can’t see it coming to a halt. The market is going strong and will definitely continue.”

Herron Todd White valuer Janine Rockliff wrote in a recent report the central Gold Coast was “possibly the most buoyant” market.

2 Sepik Place, Runaway Bay sold for $4.25m - $650,000 more than its sale price in 2015.

“Tourists appear to view the Gold Coast as a COVID-19 safe destination and therefore these two locations have seen an influx of visitors over the holiday period. A large volume of recent purchases have been from interstate buyers and this is certainly a major contributing factor to the current buoyancy of the property market.

“An agent specialising in the Robina area recently advised he did five off-market sales between Christmas and New Year. This is boom market territory, given what is traditionally one of the slowest weeks of the year.”

However, there is a sting in the tail for Gold Coast residents competing to gain a foothold in a rising market.

“Local agents have advised that in many recent cases, vendors are experiencing multiple offer situations and locals are being outbid by interstate buyers.”

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