Buying frenzy sets up recordbreaking 2021

Property buyers just can’t seem to get enough of the Gold Coast right now, with agents reporting a buying “frenzy” as properties transact within hours of hitting the market – if they get the chance to reach market at all.

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Some say they have waiting lists of buyers, desperate to purchase something – anything.

Colleen Brunt of Amir Prestige, who sold 13 Miling Court in Robina, featured in our “sold” column, not only sealed the deal within 24 hours but said she couldn’t believe the appetite for properties in the area at present.

“The sale was a fantastic result for both parties, but I have a backlog of people wanting to buy in the area, it’s unbelievable,” she said.

She said the Gold Coast in general had been undervalued for some time so the present record prices were an indicator of where the market should actually be.

“I’ve heard similar stories from agents everywhere – from the Tweed coast to the far northern suburbs and inland to the hinterland, it seems nowhere is struggling.”

While the auction market is in full swing, in many instances listed properties aren’t even making it to auction day.

Katrina Walsh of Harcourts Coastal found herself having to cancel an open home for 9-1281 Gold Coast Highway at Palm Beach on the weekend after the top floor apartment in a boutique complex was snapped up prior to auction.

Andrew Henderson, principal at John Henderson Professionals Mermaid Beach, which is holding its annual auction on Tuesday, said they had already sold more than half of the properties that were due to go under the hammer.

“It’s the eighth year we have been doing this and it is the biggest percentage that we have sold before an auction event, ever,” Mr Henderson said.

Mr Henderson said: “As long as stock levels remain relatively low and buyers are in strong demand and there’s not much choice, I think we will see records continue to tumble this year.

“The market forces of supply and demand will drive those results.”

The perfect blend of low interest rates and low stock are set to keep market conditions buoyant well into the year, with buyers’ appetite for property only continuing to rise.

Australian Bureau of Statistics data released this week shows that the value of new loan commitments for housing had grown for the sixth consecutive month, to a record high.

Real Estate Institute of Australia president Adrian Kelly said nationally new loan commitments for owner-occupiers rose 5.6 per cent in November and 23.7 per cent for the year, with rises in all states and territories.

Mr Kelly said loan commitments for existing dwellings were the largest contributor to the latest monthly rise, increasing by 5.9 per cent, with construction loan commitments up 5.6 per cent. Loans for construction have increased by 75 per cent since July after the introduction of the government’s HomeBuilder grant in June.

He said investors were also returning to the market with loan commitments for this group up 6 per cent for the month.

“The November lending figures confirm the resilience of the housing market with investors, first-home buyers and owner-occupiers all active in the market. With limited stock and strong demand driven by a record low interest rate outlook, the market is likely to remain buoyant for the coming 12 months defying the doomsday forecasts of last year,” he said.