Gold Coast home owners are getting more for the sale of their properties than last year
GOLD COAST property values are continuing to rise, outperforming many other regions.
HOMEOWNERS are getting more for the sale of their Gold Coast properties than they were a year ago as house and unit values continue to climb.
A new CoreLogic report shows the Glitter Strip recorded the second highest property value growth across regional Queensland in the last financial year.
The Sunshine Coast was the most solid performer, recording the biggest jump in median house prices at 6.9 per cent to $605,771 followed by the Gold Coast at 4.8 per cent to $642,243, then Wide Bay (2.2 per cent) and Cairns (2 per cent).
In the unit market, the Sunshine Coast once again enjoyed the strongest increase in median values at 4.6 per cent to $425,249 followed closely by the Gold Coast at 4 per cent to $415,971 and Wide Bay at 0.6 per cent.
CoreLogic analyst Cameron Kusher said coastal and tourism markets in Queensland were the areas performing reasonably well.
“Generally speaking, in terms of the regional areas overall, they are the strongest performers, the coastal and lifestyle markets,” he said.
“Where as the markets linked to the mining and resources sector probably aren’t as bad as they were in terms of the housing market performance but they are still not really bouncing back yet.’’
NEW ERA FOR GOLD COAST APARTMENT MARKET
The report found the only region in Queensland to see an increase in transaction numbers during the year to May 2018 was the Wide Bay region, where sales levels increased by 5.4 per cent.
REIQ director John Newlands said stricter lending criteria with banks was partly to blame for the drop in the number of sales.
“It may have some sort of impact on it but the winter months are always a slow time of year as well,” he said.
However, on the ground, he said the market was performing well and believed sales would pick.
“I think one of the biggest drivers now for the Gold Coast is that the population will continue to grow,” he said.
Ray White Broadbeach – Mermaid Waters principal Mitch Palmer attributed the drop in sales to the fact that there were less “opportunistic sellers” listing their properties on the market.
“When the market is very strong and in a booming stage … you get those opportunistic sellers,” he said.
“Now that it’s returning more to a balanced rate, it’s the lifestyle factors that are influencing (moves).”
Those factors included growing families and moving to a different job or school.
Originally published as Sellers get more bang for their buck