Market Overview
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Gold Coast Price Movments
Inner City Homes
Inner City Waterfront Homes
Beachside Low Rise Apartments
Residential High Rise Apartments
While the Brisbane market softened somewhat over the March quarter the Gold Coast market remained buoyant and, over the three month period, was the strongest residential property market in southeast Queensland.
Underlying uncertainty about interest rates, which are expected to rise somewhat over the course of calendar 2008, did little to dampen buyer enthusiasm which over the past 18 months has generated solid price rises for inner-city properties.
Demand remained strong in all categories and, in all price brackets, indicating that considerable upside potential remains despite the gains that have been made over the past two years.
High rise property continued to draw strong buyer interest with the swag of new developments completed or under development generating a pull-through effect for established apartments.
Buyer recognition of the outstanding value of existing units relative to new apartments has lead to a steady rise in prices for well located beachside and central city properties.
The fundamentals of the city, quality infrastructure, climate and location will ensure that any softening of demand is short lived.
Market buoyancy will also be aided by the addition of new residential, commercial and tourism infrastructure, planned as part of the regeneration of the city's heart, and expansion of the art convention centre at Broadbeach.
Continuing healthy demand for central city properties from buyers locking into the lifestyle and investment opportunities that the city offers can be expected to be accompanied by steadily increasing prices.
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Inner City Homes
Demand for these homes remains firm over the quarter with locations such as Capri, Sorrento, Bundall, Benowa and Budds Beach all attracting strong buyer interest.
The 20% price rise that these properties have enjoyed over the past two years has done little to dampen enthusiasm among buyers, people who want to live close to city amenities.
Prices for these properties start in the $450,000s and most activity has been in the $600,000 to $1.2 million bracket.
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Inner City Waterfront Homes
These homes remain star performers despite a tightening of available stock and a 40% increase in price over the past two years.
The strength of demand for these properties is borne out by the sale of auction of an old home on a 669sqm site in Naples Avenue, Isle of Capri for $1.03million.
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Beachside Low Rise Apartments
A 15% price rise in this segment of the market over the past 18 months has failed to dispel enthusiam for these apartments, which remain in a low cost market entry product for investors.
These apartments a year ago were priced from $360,000 and now are priced from $500,000 and remain popular with interstate buyers.
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Residential High Rise Apartments
These apartments remain the mainstay of the inner city property market and are benefiting strongly from spate of new high rise development occuring on the coast.
The cost of new apartments is having a pull effect on established units and those that are in prime beachfront locations and in buildings with acceptable body corporate, and management packages are rising in price as a consequence.
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