2022(May) - Gold Coast Real-Estate Market Update
Have Prices Peaked or Is the Sky the Limit ?
Gold-Coast Market Update:
Under normal circumstances an Interest Rate rise, upcoming Federal Election or overseas Economic/Kinetic turmoil will bring the Real-Estate market to a grinding-halt. This year we had all of them together and yet the Gold-Coast market continues to advance on the momentum gathered in the last half of 2021.
In the Northern Gold-Coast suburbs(such as Runaway Bay, Hope Island, Paradise Point, Biggera Waters & Labrador) a sustained lack of supply combined with increased demand for House&Land style homes remains a driving factor for prices.
Will we see some signs of slowdown? In previous posts; we had already noted that lenders are making it harder for buyers needing finance and in the latest CoreLogic Market Update they outline that borrowers are now being assessed at rates 3% higher than the current fixed rate. In addition to this the average rental price in all areas has increased by a significant amount in the last few years. For example; a 3 Bedroom, 1 Bathroom, Single-Garage home renting in Coombabah during 2017 for $400pw has just been let for $600 per week – A 50% increase over the 5 years. Our vacancy rate of less than one percent(currently 0.3%) has persisted throughout the year despite the relative increase in rental prices.
If you are thinking of selling – Now is an excellent time to take advantage of the premium prices being achieved. Please do not hesitate to let me know if you would like a private, no-obligation appraisal of your current residential or investment property in the current market.