GOLD COAST property prices might have hit new heights, but new data reveals, vendors are dealing with challenging conditions across the city.
According to the latest REIQ Queensland Market Monitor, the annual median house price reached a new high of $625,500 in December 2018, following annual median price growth of 1.4 per cent.
In a statement released on Saturday, the real estate authority explained the Gold Coast showed “signs of a softened market in the last quarter of 2018”.
ARTICLE CONTINUES AFTER THIS ADVERTISEMENT
“The outlook for the house market is one of steady consolidation for the remainder of the year – which can be viewed as a positive given reported property price falls in other major Australian cities,” the REIQ said.
But, despite the good news, rising days on market and increased vendor discounting for houses highlighted challenges.
“Total annual house listing numbers rose to 13,368 in 2018 – a huge 36 per cent jump on the 2017 figure of 9806.
“Median days on market lengthened by 11 days on the 2017 figure to come in at 46 days in December 2018.
“Similarly, median vendor discount increased one per cent, from 4.3 per cent in December 2017 to 5.3 per cent in December 2018.”
Member for Gaven, Meaghan Scanlon explained, Regional Economy and Investment Tourism continues to be the Gold Coast’s big-ticket economic driver, with ongoing benefits from the Commonwealth Games.
“Off the back of the Commonwealth Games, we’ve attracted events like SportsAccord, the Pan Pac Masters, Australian Transplant Games, Big Boys Toys Expo and the Australian University Nationals,” said Ms Scanlon, who is also assistant Tourism Industry Development Minister.
Six suburbs were in the million-dollar club in December 2018, based on the quarterly median price.
These suburbs had quarterly median prices between $1.05 million and $1.297 million: Mermaid Beach, Surfers Paradise, Bundall, Broadbeach Waters, Clear Island Waters and Coolangatta.
The five most-expensive unit markets based on the quarterly median to December 2018 were Currumbin ($777,000), Main Beach ($750,000), Hollywell ($720,000), Bilinga ($714,000) and Benowa ($694,000).
You can take a look at the complete report on the REIQ website.