Gold Coast one of the hottest lifestyle regions in the country, real estate survery reveals
THE Gold Coast is the second hottest lifestyle region in the country, according to a new real estate survey.
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THE Gold Coast is the second hottest lifestyle region in the country.
CoreLogic figures outlining the top 25 council regions across lifestyle markets where the most houses have sold show the Coast placed at second with almost 20,000 homes sold in the 12 months to June.
Three other Queensland regions are also listed – Noosa at ninth, Sunshine Coast at 11th and Moreton Bay at 24th.
More than half the list was NSW council areas, including the top spot of Wingecarribee, west of Wollongong and including Bowral, an area much-sought after by Sydneysiders.
CoreLogic property market analyst Cameron Kusher said the Coast property market had returned following “many years in the doldrums”.
“Previously, when you look at sales volumes on the Coast they had been pretty low a few years back but it’s definitely picked up in the last 12 to 18 months,” Mr Kusher said.
“We’re starting to see migration into Queensland pick up a little again and the Gold Coast has probably been a factor of that.”
He said Sydney and Melbourne buyers were fuelling the surge.
“People have a lot of equity in their properties and are considering buying coastal properties again,” he said.
“And when people think of coastal areas, the Gold Coast is a big one.
“People are starting to look for holiday homes or homes they may retire to on the Gold Coast out of Sydney or Melbourne.”
He said he expected the influx to continue.
“Compared to Sydney and Melbourne, it’s very affordable up here,” Mr Kusher said.
“The overall economic performance of the nation being a bit stronger is also giving people the confidence to buy property again.”
Robert Graham of Ray White Prestige sold a Main Beach property for $5.35 million – the highest paid for a beachfront apartment this year.
CEO Andrew Bell said the sale confirmed the good demand for prestige property on the Coast.
“What this tells us is that the highest level of apartment values in the Gold Coast property market has fully recovered,” Mr Bell said.
“It does show the significant improvement in the Gold Coast property market in the past 12 months.”
On the southern Coast, McGrath’s Laura Dean said Palm Beach was continuing to prove a hotspot for buyers, with properties snapped up before they even hit the market.
“We couldn’t even get a house on Bali Ave on to the market,” she said.
“It went out on McGrath’s database and we were flooded with inquiry.
“It sold with a street record at $706,000.”
Top five council areas for highest level of housing turnover, 12 months to June, 2016
Council area, Number sold, number of dwellings, per cent sold
Wingecarribee (NSW), 1551, 19330, 8 per cent
Gold Coast (Qld), 19612, 248419, 7.9 per cent
Camden (NSW), 1676, 22189, 7.6 per cent
Palerang (NSW), 307, 4117, 7.5 per cent
Boorowa (NSW), 71, 957, 7.4 per cent
Source: CoreLogic
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