REIQ figures reveal big rise in Gold Coast property prices

Property prices are continuing to soar across the Gold Coast, with new figures showing several suburbs registering rises of more than 20 per cent. SEE THE LATEST PRICES IN YOUR SUBURB

2 Maryland Avenue, Carrara is on the market. Prestige properties such as this are helping to boost the suburb’s median house values.

GOLD COAST house and unit prices are continuing to soar, according to the latest quarterly figures from the Real Estate Institute of Queensland (REIQ).

The hinterland suburb of Tamborine Mountain led the pack, recording 36.6 per cent growth in the December quarter and pushing the median house value to $1.1 million.

Across Queensland it was pipped only by Sunrise Beach in Noosa, where house prices 41.5 per cent to a median value of $1.46 million,

32 Eagles Close, Tamborine Mountain, is on the market for $1.95m with the Professionals. Prices in the suburb have skyrocketed.

The suburbs of Labrador with 30.2 per cent growth and a median value of $547,000,

Burleigh Heads with 27.5 per cent growth and a median of $1.16m and Carrara at 20.8 per cent growth and a median of $703,000 were the other Gold Coast suburbs to register more than 20 per cent growth.

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A further 12 suburbs registered growth of between 10 and 20 per cent.

REIQ CEO Antonia Mercorella said the number of regional suburbs surpassing 20 per cent growth in the quarter was “astounding”.

“We are seeing some of our regional property markets outperforming Brisbane which is just extraordinary, and the demand is the strongest I have seen for as long as I can remember,” she said.

This house at 43 Wilson St, Labrador, goes to auction today with Eddie Saroff. Labrador has had the highest house price growth of all the Coast’s city suburbs.

“It is a trend we are seeing nationally, and is probably reflective of the pandemic as people look for a less complicated lifestyle with more manageable mortgages and less congestion.”

Off the back of the past quarter, the REIQ expects the Gold Coast market to continue performing strongly into the second half of the year. Here is the REIQs outlook for the coming quarter:

HOUSE MARKET – RISING

The Gold Coast is seeing strengthening sales activity, up 13.9 per cent over the quarter and a significant increase of 31.4 per cent over the year. Median house prices were up 7.7 per cent over the quarter and up 6.1 per cent over the year.

The Bellagio La Villa at 49-109 Tallebudgera Connection Rd, Tallebudgera, is one of the Gold Coast’s most expensive homes.

Days on market and vendor discounting continue to come down, with houses taking 34 days to sell (down from 50 a year ago).

All indicators point to a sellers’ market with listing numbers being absorbed quickly, down 12.3 per cent over the year.

UNIT MARKET – MOVING TOWARDS A RISING MARKET

The Gold Coast unit market is showing signs of uplift with a strong increase in sales numbers over the December quarter, up 24 per cent compared to the September Quarter 2020.

The median sales price is also up 2.1 per cent, and up 5.5 per cent over the year.

Further evidence that the Gold Coast unit market is improving is the reduction in days on market (50 days, down from 63 the previous 12 months) and a corresponding reduction in vendor discounting, currently sitting at 3.7 per cent, down from 4.2 per cent a year ago.

2516 Cressbrook Drive, Hope Island, is on the market for $3.975m with Kollosche.

A recovery in sales turnover is contributing to an absorption of current stock on the market, which, along with reduced days on market and vendor discounting, will likely induce a return of confidence to the market.

Over the year to November 2020, unit listing numbers were down 13.1 per cent. Underlying housing demand and strong rental market conditions is likely to see the Gold Coast unit market move into rising market conditions in the short to medium term.