Gold Coast homes selling in record time with values on the up
400 Mt Nimmel Rd, Springbrook sold on Monday for $1.655 million.
HOMES on the Gold Coast are selling like hot cakes, according to new research, with the number of days spent on the market the lowest in the region’s history.
CoreLogic’s Regional Market Update shows that houses on the Coast sit on the market for an average of 18 days before being sold, which is down from 37 days 12 months ago.
3 Lagoon Way, Mudgereeba last week sold for $5.6 million.
Units stay on the market slightly longer at 26 days – down from 51 days.
Moving in the opposite direction, however, is median house prices, which are up 31 per cent over 12 months to $914,028, while unit median values are up 24 per cent to $561,707.
In total 23,216 dwellings changed hands to August, 2021, with the majority of units sales between $400,000 and $600,000 (36.1 per cent) followed by units between $200,000 and $400,000 (31.2 per cent) and houses between $600,000 and $800,000 (27.8 per cent).
Houses that sold between $1m and $2m made up a quarter of all sales (25.8 per cent).
CoreLogic research director Tim Lawless.
CoreLogic’s research director Tim Lawless said common key drivers included a shift away from capitals to regional areas, low interest rates and access to credit, higher household savings and relatively affordability housing values compared with capital cities.
“There has been a broad demographic shift where more Australians are prepared to consider housing options outside of the capital cities, which has seen net internal migration rates to regional Australia reach record highs,” he said.
46 Coralcoast Drive, Tallai is going to auction on December 2.
“Working from home looks to have some degree of permanency post-Covid and is one of the catalysts of this trend, with more people basing themselves in regional locations to work remotely or balancing office work with home working.”
“The top performing regional areas were all coastal or lifestyle markets generally within a two-hour commuting distance of a capital city,” Mr Lawless said.
“These areas fit within the broad trend where demand has surged for lifestyle properties that offer a blend of liveability and commutability.”