Issue 20 | Thursday 6 October 2022 | A Hive of Activity to Kickstart Spring
Whilst I am providing this week’s market insight, have a look at this amazing apartment on the absolute beachfront, in that very small and secluded strip at Main Beach. The most northern beachfront strip on the entire Gold Coast. It’s the entire second floor of a building of only seven apartments. At this level, you feel like you could step off your balcony straight onto the sand, yet you do have the elevation to capture all the wonderful sea life of dolphins, and whales passing out front. Have a good look and I will give you a little more information at the end, after today’s report.
I keep being asked for the most up to date information about the market, and whilst my preference is always to try and provide insightful information about what drives the market to help with forecasting, I do appreciate the need, by many, for feedback on what’s happening today.
I also did forecast that there would be a tick up for Spring, and that is certainly showing to be the case right throughout the country, but of course, to varying degrees in different areas. From the earliest figures from around the country, it would appear the Gold Coast is performing better than anywhere else. We have seen a rise in the number of enquiries on our properties, and inspection numbers on properties, followed by offers. Sales have followed. What is the most telling indication of the market was our in-room auctions last week with 32 properties submitted to auction, and 23 of those were sold by the end of the auction. We had an average of 4.2 bidders per auction. The success rate by the end of the last auction, at 72%, was the highest success rate under the hammer that has been recorded in recent months around Australia across that many auctions. Add to that that by 12 noon the following morning, a further four properties sold, and we see the success rate rose to 85%.
We wrapped up the auction day with an onsite auction in Rudd Street, Broadbeach Waters where we recorded 6 registered bidders, and the home was wrapped up for a new benchmark price of $4.5 million under the hammer. Congratulations to Jackson Paradise for ensuring we have both happy sellers and happy buyers.
Now the stats are also showing that sale by auction around the country is providing sellers with a quicker sale and is the highest success rate of any form of selling. Buyers are attracted to auctions as they know they are dealing with realistic vendors who want their properties sold on auction day, the auctions are an open forum with no secret or behind the scenes dealing, and the sale price supports the Valuation to secure their finance.
Some sceptical people will sometimes suggest that the reporting of real estate activity is no more than spruiking the market, but it’s simply not the case. Ray White is the largest real estate company in Australasia and has a 20-person research team that keeps real-time results right around the country whilst also reporting all the key performance indicators that are attained by real-time results. It’s not spruiking the market; it’s being informative to those that want to know what’s happening. Ray White is the only real estate company that has made the commitment to such research, and in fact, has engaged Australia’s leading real estate Economist, Nerida Conisbee as a full-time role, to provide you, our customers, with the most accurate and reliable information.
As I did forecast the market the Spring market has come alive. We still have a situation of fewer sellers than buyers, in fact, the latest research is suggesting a further 200,000 people migrating to Queensland over the next few years which will keep our demand levels high. Yes, prices have had some correction, but that happens in every real estate cycle, and whilst the peak of the market was earlier this year, it’s still an outstanding market to buy and sell in.
Now, how is this for an apartment, built by Katie Page, who is renowned for doing everything perfectly whether it’s running Domaine or the Magic Millions. Everything is attention to detail, as this apartment is. Four large bedrooms, four bathrooms, plus a study. Wonderful living space right across the front of the apartment with uninterrupted views, never to be built out. Side by side garage and a lock up storeroom. Step directly onto the beachfront or 200m stroll to Tedder Avenue, less than a 5-minute walk to the Yacht Club and a little further to Marina Mirage. I could go on and on about the magnificence of this apartment, but the reality is that if you want the best apartment living on the Gold Coast, ring Robert Graham our Marketing Agent, whose details are on screen, and he will arrange a private viewing. These opportunities are rare as this type of property is tightly held, usually for decades. Call now.
I look forward to being with you in a fortnight’s time. I hope you are enjoying every minute of Spring.
Andrew Bell, OAM
Chief Executive Officer
The Ray White Surfers Paradise Group