Gold Coast’s top buyers’ markets revealed

Home prices are surging and sellers are calling the shots in most of the Gold Coast’s housing market but there are still areas where buyers have the upper hand. SEE THE TOP BUYERS’ MARKETS

DIY renovators Dee Wright and her husband Allan Wright recently bought and sold properties in Runaway Bay, one of the Gold Coast’s top ten buyers’ markets. Picture Glenn Hampson

Buyers on the hunt for a home on the Gold Coast will have the best chance of bagging a sale in the northern suburbs, according to new data.

As statewide listings plummet to ten-year lows, a report by mortgage broker Aussie has identified the suburbs with the most houses for sale, giving buyers an upper hand.

Ormeau Hills came out top with 12 per cent of its housing stock on the market in December 2020, according to Aussie’s Buyers’ Opportunity Report.

Valley views and a home in the Gold Coast’s top buyers’ market. This four-bedroom home at 104 The Plateau, Ormeau Hills is for sale for $1.15m with Doleman Property Group.

MORE NEWS

Knockdown shack was city’s first watchhouse

Surf star Mick Fanning sells Coolangatta beach pad

Coast gripped by summer auction fever

The northern growth corridor suburb was followed by Hope Island with 11.4 per cent, Biggera Waters with 10.5 per cent, Jacobs Well, 9.6 per cent, Paradise Point, 9.4 per cent,

Runaway Bay (9.2 per cent), Broadbeach Waters (9.1 per cent), Pimpama (9 per cent), Coombabah (8.8 per cent) and Bonogin (8.8 per cent) rounded out the top ten.

The research in partnership with CoreLogic found advertised stock across regional Queensland in December 2020 was at its lowest level in a decade, down 20.2 per cent from 2019, and 36.4 per cent below the most recent high in December 2015.

Aussie CEO James Symond said historically low interest rates would continue to spur buyer activity in 2021, further tightening the squeeze in all markets.

Aussie CEO James Symond said there were still opportunities for savvy home buyers to secure property on the Gold Coast.

“There are still some great opportunities to secure a property on the Gold Coast, however I expect there will continue to be an imbalance between available supply and strong buyer demand in the region,” Mr Symond said.

“First home buyer activity is expected to continue to be buoyed by a combination of record low interest rates, credit availability, Federal Government and Queensland Government schemes and grants and rising confidence as economic conditions are currently beating forecasts.

“This report should ultimately encourage Australians to understand that there has never been a better time to buy, however you need to be ready so that if you see it and love it, you are good to go before it is gone,” he said.

Agent Ashley Rendell of Doleman Property Group said high growth areas of Ormeau Hills and Jacobs Well were sought after by families, with the areas offering good schools and infrastructure plus convenient access to both the Gold Coast and Brisbane.

The $2.25m sale of a five-bedroom home at 7 Sunset Place set a new record for Jacobs Well in January.

“Buyers are coming to the open homes prepared to put an offer in with pre-approved finance as they know there is high demand in the current market,” Ms Rendell said.

“Buyers need to be prepared and put their best foot forward with all offers, as there is little room for negotiation.

“We are seeing multiple offers on all properties within 24 to 48 hours of hitting the market,” she said.

This five-bedroom home at 7 Sunset Place set a new record for Jacobs Well when it sold for $2.25m in January through Doleman Property Group.

The Coast’s most tightly held suburbs were identified as top sellers’ markets.

Gaven had fewest listings, with just 3.1 per cent or two properties for sale, followed by Highland Park (4.6 per cent), Currumbin Waters (4.9 per cent), Main Beach (5 per cent) and Worongary (5.1 per cent).

Elanora, Miami, Gilston, Benowa and Bilinga rounded out the ten most tightly held suburbs, each with between five and six per cent of stock for sale.

Agent Tolemy Stevens, of Harcourts Coastal, said a “severe shortage” of sales stock was fuelled by interstate buyers who viewed prestige Coast property as undervalued and acted fast to seal a deal.

“We are still seeing stock well and truly at record lows, and the appetite and volume of buyers who are interested in purchasing in certain suburbs is continuing to increase,” Mr Stevens said.

“There’s this insatiable appetite for luxury Gold Coast real estate, and I do feel a little for buyers at the moment as it is certainly challenging when you turn up to an open house inspection and you are waiting to get in with multiple buyers who — make no mistake — are there to buy.”

This renovated waterfront home at 66 Anchorage Way in the buyers’ market of Runaway Bay sold swiftly to an interstate buyer through Phillis Real Estate.

Real Estate Institute of Queensland Gold Coast Chair Andrew Henderson said sales stock could fluctuate between suburbs as established generations downsized, making way for new buyers who may renovate and raise their own families, or move on again.

New development also impacted how many houses were for sale.

“Going forward I feel the Gold Coast is going to remain popular with people moving here from other regions or interstate, and the real estate market will be a long time trying to catch up with new development,” Mr Henderson said.

“Whether buyers are looking for high-end or more affordable property, there is currently more opportunity in the northern areas than there is down the southern end of town, but it is always a good idea to look a suburb or two away from your choice location because that may open your eyes to a more suitable house that still meets your requirements.”

A three-bedroom industrial-style home at 21 Boundary Street was recently listed in the sellers’ market of Currumbin Waters, one of the Gold Coast’s most tightly held suburbs.

“We looked at 10 houses but they were gone before we could do anything”

DIY renovators Dee and Allan Wright faced the prospect of battling it out in a heated market for a new house when they listed their luxury waterfront home at Runaway Bay.

In a stroke of festive season fortune, they sold 66 Anchorage Way for $1.495m days before Christmas through Adam Phillis of Phillis Real Estate, and secured another renovator soon after in the same popular northern Gold Coast suburb.

While stock levels statewide plunged to decade lows, 9.2 per cent of houses in Runaway Bay were for sale in December 2020, presenting opportunities for buyers.

The Wrights’ home was under offer after the first open home inspection to an interstate buyer.

“I was watching the market and I could see that properties were selling above price and fast. Until then I didn’t expect to not be able to get another house, so we thought it was the right time to do another renovation,” Mr Wright said.

The Wrights battled it out in a heated market to secure their new renovator at Runaway Bay. . Picture: Glenn Hampson

He said the couple found their new home off-market after facing fierce competition at open house inspections for several other properties in the area.

“We looked at about ten places but they were gone before we had a chance to do anything,” he said. “I’ve never seen anything like it. I still think we paid a little bit too much for the one we bought, but it’s what the market is and you’ve just got to get in because it will definitely get a lot harder, with buyers coming from everywhere pushing up the prices,” he said.

They are already in the throes of renovation at the north-facing four-bedroom home bought for $1.225m at 14 Saltbreeze Court.

Originally published as Gold Coast’s top buyers’ markets revealed