Gold Coast real estate: How COVID has impacted your house price

Despite the COVID-19 pandemic, house prices in these Gold Coast suburbs continue to surge ahead. FIND OUT THE LATEST PRICE IN YOUR SUBURB

NEW figures show three Gold Coast suburbs are continuing to enjoy very strong house price growth despite the COVID-19 crisis.

The latest quarterly report from the Real Estate Institute of Queensland (REIQ) shows Surfers Paradise (5.9 per cent), Robina (3.8 per cent) and Arundel (3.8 per cent) all recorded increases of more than 3 per cent.

Mermaid Waters also continues to perform well, with the median house price now almost $1 million after rising 2.6% in the last three months.

Despite borders being closed and a nationwide recession, the figures also show the average house price for the Gold Coast as a whole jumped 0.9 per cent to $635,000 over the June quarter.

Limited listings, low interest rates and the so-far successful management of an outbreak in the city are behind the Coast’s resilience.

Despite the city recording a jump in property prices, the number of properties on the market nosedived – annual house listing numbers fell to 11,387, a drop of 11.7 per cent on the previous year’s listings.

“Sales are good but stock level and turnover are still very low,” REIQ Gold Coast Zone chairman Andrew Henderson said.

“Of course, as a result, prices are very resilient.”

The report revealed the Gold Coast property market was in a “recovering” phase.

Mr Henderson said while house prices had held, one sector was struggling.

“Across the board, house prices are quite strong, although anything that’s oriented more toward holiday letting is softest because of lack of potential income,” Mr Henderson said.

“Obviously letting rates have been significantly slashed because we’ve lost that southern

holiday market.

“That said, anything relating to the owner occupier market is strongest.”

Unit median prices remained flat over the quarter at $415,000 however the annual median jumped by 1.2 per cent to $415,000 for the 12 months to June, 2020.

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Real Estate agent Michael Kollosche. Picture Supplied

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Kollosche managing director Michael Kollosche said inquiry had surged but agreed homeowners were still sitting tight.

“Our inquiry levels have doubled on some properties and across some we are even seeing three times the volume of inquiries,” Mr Kollosche said.

“There’s not as much coming to market probably as a result of low interest rates and there being no urgency to sell.”

Ray White Runaway Bay Group principal Ali Mian said he had noticed more optimism in the property market since COVID-19 first hit our shores.

“In general there’s good vibes and good energy throughout the property market,” he said.

“People are realising that as a society and city we fared quite well with COVID-19 – we are quite safe and secure here.”

Harcourts Coastal sales director Rob Forde said their agency had recorded a strong winter which was continuing into spring.

“I think with sellers there was that apprehension with COVID-19 but that’s definitely starting to go now,” he said.