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Andrew Bell’s Market Update: What a Start to the New Year!

By Andrew Bell

Issue 2 | January 16th | What a Start to the New Year!

Hi, Andrew Bell here and coming to you today from a very, very busy Gold Coast. No official figures are available yet, but the town is absolutely bulging at the seams. The general feedback is that everything is up around 25% on a typical January, which is of course our peak tourist season in any event. It will be interesting to see the official numbers when they come through.

Before I provide this week’s market feedback, I am wanting to give you the opportunity of inspecting this magnificent property at 7309 Bayside Close, Sanctuary Cove. Sanctuary Cove is home too many of the Gold Coast’s most prestigious properties, but this one ranks among the very best of the best in Sanctuary Cove, and of course the Gold Coast. On 1,222 square metres, it has been completed reimagined by an award-winning architect and it is now a testament to style, sophistication and excellence in design. Enjoying the preferred northerly aspect, it has a magnificent outlook over a wide section of the river with never to be built out views to the national park. It is the perfect combination of a one-of-a-kind physical home and in an unparalleled position. With so many amazing features, I could continue talking about 7309 Bayside Close for hours, but I am hoping the visuals tell the story far better than I could. For people looking for benchmark type properties, this is one you should come and inspect. Contact marketing agent Shirley Wyllie (0448 815 550  |   s.wyllie@rwsp.net) she would be delighted to let you know of an inspection time that suits you.

International research group, CoreLogic has just reported that the Australian housing market has recorded its best quarter of growth in ten years; with a 4% increase in property values in the December quarter alone. No question we are playing catch-up after some downward price adjustment through 2018 and the first half of 2019, but what is significant is the rapid increase in property price growth.

Strong growth in property prices is always synonymous with strong confidence in the real estate market and a belief that property values are representing outstanding value. We see that confidence and enthusiasm in the current buyer activity. Whilst many of us would have been preparing for Christmas Day, we had many inspections and negotiations, and indeed sales on Christmas Eve. This activity paused on Christmas Day, but it was back on in earnest from Boxing Day onward. Strong inspection numbers and sales occurred Boxing Day, New Year’s Eve and New Year’s Day. This truly reflects the strongest activity we have seen here on the Gold Coast in thirty years. It is a real statement of belief in the market when you see people anxious to carry out their inspections and lock in their purchase on days where they would normally be holidaying or enjoying family time.

We are only at the halfway mark of The Event 2020 auction program and we are already recording some properties with as many as 100 odd inspections in two weeks. 5% of our auction properties have already sold within the first week or so and typically those sales are occurring because offers have been made between 10 – 15 percent higher than seller expectations.

Will this continue forever? The answer is of course no. However, what we are seeing is this huge belief in the Gold Coast property market, and particularly very strong interest from our southern buyers. They see the Gold Coast not only as a preferred location to live, but they see it is still representing great real estate value and that by comparison to other major population centres of Australia, you get huge value for money.

That price surge will only continue to a point where people no longer see value in our real estate and then normal market factors will come into play and self-braking, if not self-adjusting, will come into play. For now, there has not been a stronger period of real estate activity on the Gold Coast in 30+ years.

There will never be a more fascinating time to be at The Event than the one this year. It will give you a great sense of what is happening in the marketplace. Put it in your dairies now to be at RACV Royal Pines on Saturday, 25th January 2020 from 10:00am for the Gold Coast Home & Living Expo, and with the auctions beginning at 11:00am.

Have a good look through this fortnight’s eNewsletter as it does list all the properties we have for The Event 2020. Don’t let yourself fall into the situation where you regret in six- or twelve-months’ time that you did not make your buying move in January. It is called ‘missing the boat’ and it happens too often because of people’s uncertainty. We find those who make the most money are the ones who move early, and those who wait for all the evidence under the sun usually do their buying too late in the cycle.

That is all for this fortnight. I look forward to being with you again in two weeks’ time. Our eternal thanks to all the firefighters and I could not be prouder of Australia for the way we are coming together to support so many people who have been affected by the fires. What an encouraging way to start 2020 when so many people are reaching out to help our fellow Australians, and indeed we are getting enormous support from people all over the world. We will rebuild. We will rejuvenate. And we will come back stronger than ever.  I could not be more appreciative to be an Australian and to live in Australia.

Kind regards,

Andrew Bell, OAM
Chief Executive Officer
The Ray White Surfers Paradise Group

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