Issue 25 | Thursday, November 5th 2020 | A Surprising October
Hi, Andrew Bell here and coming to you from the Gold Coast with a lot of real estate good news. It is also great to have the election result behind us and our borders opening up.
I am always keen to keep our clients as up to date with the most relevant information as possible, and to give you a really good finger-on-the-pulse feel about what is happening with the marketplace.
As the largest real estate company on the Gold Coast, we are a great barometer of what is happening here on the ground. October was nothing short of amazing. We finished the month with 191 contracts for sale: setting a new all-time record. That is 6 contracts per day and over $140m in sales. Auctions were red hot with 21 of 30 properties at our last in-room auctions selling either prior to or under the hammer, and more since, and there was an average of 4.3 bidders per property.
In the rental space, we recorded just under 8,500 rental enquiries and we now have an all-time historic low vacancy rate of just 0.8 percent. We are now leasing properties at record high rates and with increasing numbers of properties between the $2,000 to $4,000 per week range. These are truly amazing stats and not ones that we believe we will repeat over and over again, but it is an indication of the marriage between a good market and a boutique powerhouse brand.
I am always asked about the percentage of interstate buyers. Amongst the very large number of registered bidders we are recording at auctions, on average around 58 percent are Gold Coast buyers and 42 percent are interstate or overseas buyers. The local buyers were very focused on housing or the largest apartments predominately as their personal homes and whilst there are interstate and overseas buyers for housing as well, the bulk of their interest was for holiday style apartments that they can have as a secure base to spend more time on the Gold Coast and to be a safe refuge should there be COVID Phase 3, 4 or 5, or any other pandemics moving forward. There was also interstate interest in acreage.
This strength in the market, particularly in auctions, marries into our official launch this week of The Event 2021. This is the largest promotion of Gold Coast property on a national and interstate basis held each year. Its promotion has become iconic on the national real estate calendar and this year it will be perfectly timed to capture this never before seen, and may never be seen again, unparalleled opportunity.
With Australians unable to travel overseas they will be holidaying over December and January here in Australia. As the #1 tourist destination in Australia we will have unprecedented numbers of holidaymakers to the Gold Coast. This links into the Gold Coast being seen as the ‘go to’ relocation destination for so many Australian’s. Unprecedented numbers of people who have taken the decision to move out of densely populated population centres such as Melbourne and Sydney and move to the Sunshine State. Many see us as the ‘happy’ state, the ‘safe’ state, the ‘go ahead’ state, and the Gold Coast is the #1 choice. Many will take the opportunity in December and January to buy either their new permanent home or their second property in which they will spend a great deal of time in.
We also have unprecedented numbers of expats who have reached out and have booked appointments to inspect properties virtually during this period of time.
We have also had the Reserve Bank loosen the lending criteria which has been incredibly challenging over the past couple of years. The intention was to allow a faster flow of money into housing lending.
We will never see another December/January period like this one and so this is a unique opportunity for those thinking of selling. For many looking to buy, we will also have the largest and most comprehensive selection of Gold Coast properties. For our many fellow Australians who may not be able to get to us, we also have you well and truly covered, and we are here to assist through our national network. To our very large pool of New Zealanders who absolutely love the Gold Coast, our leading network in New Zealand is at your disposal, but otherwise please reach out to us directly.
As always, for logistic reasons we can only cater for a limited number of participants taking advantage of this amazing promotion. If you would like more information, The Event hotline is 1800 198 009 or you can email email@example.com. From all feedback we receive it is the most phenomenal real estate opportunity and should not be missed.
I will provide more information on Queensland the Gold Coast when I am with you next.
I look forward to being with you in a fortnights time.
Andrew Bell, OAM
Chief Executive Officer
The Ray White Surfers Paradise Group