The Gold Coast‘s Current State of Play…
An article that appeared in Saturday's Gold Coast Bulletin gives us an insight into the current state of play in our local market. Whilst the GC Bulletin report discusses the most recent PropTrack report using statistics up to and including July, the numbers being reported are consistent with what we are seeing and experiencing out in the field up at present.
As you will read in the article, the key statistics and findings for the Gold Coast property market are as follows :-
Sales volumes across the Gold Coast were 27% lower in July 2022 when compared to July 2021.
Properties are now taking longer to sell.
Demand from Sydney and Melbourne is declining.
Prices across the Central Gold Coast have softened.
Renovated and newly built properties are still seeing strong enquiry.
Buyers know they have more time to negotiate because they now face less competition.
In addition to our lead story from yesterday's Gold Coast Bulletin, in this week's report we also have the latest HTW Valuers monthly update for the month of September which includes the HTW Valuers property clock for both Houses and Units.
The Corelogic Monthly market update for September has also been released this week and the video that dives into property statistics from around the country is attached as well as our numbers for the week, market share data from REA and our usual summary of newspaper, online & video articles.
We start with the Gold Coast Bulletin article " Property Sales Take a Dive" is below.
Property Sales Take a Dive
GOLD Coast property sales have taken their biggest hit since the boom, with a shock drop of almost 30 per cent in transactions compared with the same time last year.
But homebuyers hoping to bag a bargain should think again, with house values in every Gold Coast suburb still tracking above pre-pandemic prices.
The PropTrack Gold Coast Insights report shows sales volumes in July 2022 were down 27 per cent compared with the same time in 2021.
It was the largest fall this year, while sales volumes over the first seven months of 2022 were down 16 per cent.
But despite a downward trajectory since May, median prices were higher than in March 2020, when Covid-19 controls were introduced.
PropTrack economic research manager Cameron Kusher said the house market had been harder hit than units.
“Demand for property on the Gold Coast is just not as strong as it was during the pandemic because that impetus for people from Sydney and Melbourne to move is no longer there,” Mr Kusher said.
“As interest rates go up, people can’t borrow as much, so while they may want to buy a house, they can’t borrow as much now so perhaps they can now only afford a unit.”
Mr Kusher said vacant land sales had also dropped, as buyers shied away from taking on new building projects amid the current construction crisis.
Herron Todd White associate director Sam Gray said property values across central Gold Coast areas had softened, although some market segments were holding firm.
“Given the downward trend in the market and the challenge of meeting vendor price expectations, many local agents are reporting that this is an extremely difficult market in which to set an asking price for listed properties,” Mr Gray said.
“Buyers know they have more time up their sleeves to negotiate as there are less people in competition and properties are typically taking longer to sell.
“Some prospective buyers are of the opinion that this recent decline in market activity will only be a short-term blip but are still holding off making a decision and taking a wait-and-see approach.”
Renovated or newly built homes were continuing to attract solid inquiry, particularly from interstate purchasers.
Buyers agent Matt Srama said prospective buyers could take advantage of slow market conditions to harness greater negotiating power.
“You want to be buying when confidence in the market isn’t too buoyant …” Mr Srama said.
“While the sales volume is down it’s a good opportunity to buy because there is less demand and that is what determines prices.”
Please see below the Latest HTW Valuers Property Report for September 2022
https://drive.google.com/file/d/15aQxqaf63u6q9kdjwaokyYKcWroRxE31/view?pli=1
Please see below the HTW Property Valuers September property clock for Houses & Units
