Credit to original source: Realestate.com.au
The Gold Coast residential property market has recorded an increase in sales and values over the past year with housing the star performer, new figures show.
CoreLogic’s Quarterly Regional Market Update, released today, reveals Gold Coast house values rose by 8.5 per cent over the year to April, while units values lifted by 1.3 per cent.
On the sales side, the unit market performed better recording a 6.3 per cent annual increase with properties in the $200,000-$400,000 bracket accounting for 42.5 per cent of total sales.
Property in Palm Beach is popular with locals and interstate buyers alike.
Annual housing sales increased by 3.5 per cent in the past 12 months when houses priced between $400,000 and $600,000 claimed 35.9 per cent of sales.
REIQ Gold Coast zone chair Andrew Henderson said the rise in housing values was particularly positive, driven by the trend towards home improvements and interstate migration.
“I would say that renovation work in those more established suburbs has helped to drive price growth on the Gold Coast,” he said.
“Strong migration from the southern suburbs in the past 12 months will have also had an impact on values and sales.”
Gold Coast unit values rose by 1.3 per year over the year to April, while unit sales increased by 6.3 per cent.
Mr Henderson said the unit market tends to be more cyclical, with sales and values depending on the completion of new projects within the year.
The report also shows that houses are selling one day faster than last year, which a median 46 days on market, while units are taking 60 days to sell – four days longer than a year ago.
Vendor discounting on housing fell slightly from -4.9 per cent to -4.7 per cent while discounting on units remained the same at -5 per cent.
