Gold Coast Unit Market: Median prices have surged by up to $500,000 in six months.
3rd June 2024
With May now behind us, we've come across some intriguing articles confirming that market conditions remain robust, despite a noticeable softening in price rises. Here’s a roundup of insights from the latest reports.
Unit Market Insights from the Gold Coast Bulletin
One notable piece from the Gold Coast Bulletin focuses on the unit market. It highlights how the median prices for units on the Gold Coast have surged by up to $500,000 in the past six months. This might sound astonishing, but the article backs up its claims with solid data, reflecting the ongoing demand in the area.
Herron Todd White's Monthly Review
The second key reference comes from Herron Todd White’s (HTW) monthly review, which this month shines a spotlight on Robina. It’s significant that Robina features in a nationally-read report, indicating the suburb’s growing importance in the Australian real estate market.
HTW’s property clock still positions the Gold Coast in a "Rising Market" state. However, our own observations reveal that buyer inquiries have slowed since the peak in February and March. This aligns with HTW’s findings, showcasing the dynamic nature of the market.
Detailed Market Analysis: Robina
HTW’s review of Robina notes a median price of $1.125 million for houses and $732,000 for units. The area is favored by young families and professional couples due to its amenities, including Robina Town Centre, Robina Train Station, and the Gold Coast Hospital (Robina Campus).
The report highlights a significant demand for properties around these price points. For instance, a house priced at $1.125 million typically offers three bedrooms and two bathrooms on a plot under 500 square meters. This scarcity of stock at current median prices is driving quick sales and increased competition among buyers.
The review also points out that while there are few listings below the median price, these often require significant renovations. As a result, buyers are considering outer suburbs for more affordable options. The rising rental prices and low vacancy rates further bolster demand for units in Robina, making it an attractive market for investors and owner-occupiers alike.
Full HTW Report
For a comprehensive understanding, you can read the full HTW Valuers Month in Review for May 2024 here.
In conclusion, while the market remains strong, nuanced trends suggest a period of adjustment. These insights can help buyers and sellers make informed decisions in this evolving landscape.