We spend a lot of time discussing whether property prices are rising or falling. Whilst it is natural to focus on the overall outcome, there are several key fundamentals that cause prices to rise and fall that determine the direction of property prices.

The key fundamental influencing the property market at present is interest rate movements.

Last Friday a report specifically written for the Gold Coast property market was released by The Urban Develop.

The Urban Developer report focussed on all aspects of our property market including median prices, the latest rental market information for landlords and tenants as well building approval numbers, home loan approvals and price forecasts moving forward.

An article released on Saturday by the Gold Coast Bulletin discusses how the Gold Coast property market has so far managed to defy the National property downturn.

It's interesting to note that in the report, Bonogin was highlighted as the best performing suburb on the Gold Coast over the July to September quarter whilst acreage property in Tallebudgera Valley and Tallai were also amongst the best performing suburbs.

The latest REA statistics for the period ending September 30 were released on Saturday. Whilst the findings are not surprising, they do show just how far the market has slowed.

Last week, Queensland's new land tax dominated news in the real estate space.

Whilst the focus has been on how this will increase an investors overall costs on an investment portfolio, the flow on effect to both renters and future owner occupier sellers is now becoming more apparent.

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.

With the month of August now completed, we have access to a considerable amount of data and news articles that focus on the property market. Whilst many of these stories are featured below, our lead story last week comes from the latest Corelogic research that discusses the fact that some parts of Australia are now seeing property values falling by around $1000 per day.

Following on from the week before updates from the NAB & ANZ, this week the Commonwealth Bank put forward their thoughts.

The Commonwealth Bank findings, which we are featuring in this week's report, suggest that the fall in property prices is likely to reach the bottom sooner than first predicted and then recover earlier than initially expected.

We are currently witnessing a pattern in the property market that has never been seen before and is unlikely to be seen again.

In previous downturns, the major driver behind price falls was a glut of forced sales that pushed property prices down.

In the current market, it is a reduction in borrowing capacity that is forcing prices lower, however I am happy to report some areas seem to be staying firm with prices staying strong.

On paper, our office had a much better week last week when it comes to a mix of the overall results. For the month we have seen twenty four properties go under contract. which is a solid result in a market that is clearly declining numbers of people commiting to buy.

When looking at each sale, it is clear that buyer sentiment is considerably lower than it was just a few short months ago. Our contracts for August best illustrate this.

This week's report features CoreLogic's National Home Value Index report for July. There is now a clear pattern emerging that is showing market activity is continuing to slow. When reading the CoreLogic report, please take into account that the figures that the CoreLogic report analyses are settled transactions.

I have mentioned in previous emails that I am a big fan of Tom Panos and his experiences out in the field. Tom is a well known, international real estate trainer and auctioneer in Sydney. I listen to his daily podcasts plus his weekly updates as he has a wealth of knowledge and insight to the current market that the changes that we are experiencing.

Whilst it has been difficult to find positive news stories on the property front of late, an article that appeared on realestate.com.au shines a light on one pool of buyers that are tipped to help underpin prices in the face of rising interest rates and declining consumer confidence.

With consumer confidence continuing to weaken due to worrying inflation and interest rate rises, Friday's updated interest rate outlook by the CBA will only add to the uncertainty.

Well, with a glut of research and articles released since the end of the financial year, clear patterns are now emerging within the property market. It has become clear that interest rate rises and a sharp decline in consumer confidence is now having a significant effect on both property prices and number of sales.

With the 2021-2022 financial year now complete, we turn our attention to the stats and articles that discuss what has happened over the previous 12 months and importantly what is happening now.

Whilst we have seen property reports coming through from around the country suggesting that the market is transitioning across to a buyers market, it has been our own office data last week that we have needed to focus on and dissect.

Whilst there has been an extensive amount of articles written in the last week discussing the current state of the property market, the information carrying the most weight comes from the monthly Herron Todd White valuers property report.

An article released last Friday is a call to action for all agents and gives us a clear insight into exactly how we can best serve our clients moving forward. The article with the heading "CBA predicts 15% home price drop due to faster and higher rate hikes" has for the first time declared that the Queensland property market will suffer the same price declines that had, until now, only been predicted for Southern markets.

Whilst the property market is officially listed as falling across the country, the Gold Coast is still showing signs of resilience when compared to many other key markets. Official figures from Corelogic last week showed that prices across the country have declined in May with further interest rate rises expected to accelerate the declines as we move towards the back end of 2022.