The seven-year cycle of troughs and peaks in the property market is something that many people struggle to get the most out of when it comes to both buying and selling Gold Coast real estate.
Because of this, there's usually a great opportunity to buy into a home that's a little on the cheap side, or even sell (when in a peak) to get more than expected back in capital gains. The current market is working favourably toward the sellers, and that's great news for those that are wanting to move up the property ladder into something more suited to their style.
You could choose a three-storey house with a dry-dock to launch your boat from every morning, or even a penthouse apartment that overlooks the amazing Surfers Paradise beaches. Whatever your dream Gold Coast property is, the first thing you'll need to do is sell your existing home.
Cashing in on the current market
According to the Real Estate Institute of Australia (REIA), property prices actually decreased over the first three months of this year around the country. This was most notable in the capital cities, where there was a 1.7 per cent slowdown. Around the rest of the country, 1.1 per cent was reported.
"The quarterly decline in prices can, in part at least, be attributed to the influence of the macro-prudential measures on the housing market introduced to curb investor activity," said REIA president Neville Sanders.
"Compared to the March quarter of 2015, the weighted average median house price increased by 4.1 per cent while the figure for other dwellings went up by 3.3 per cent."
Many buyers will be looking at these figures and jumping into the property marketplace looking for a bargain. This means activity will be high, and competition will be heating up, so sellers can take advantage, especially on the Gold Coast.
The Property Council of Australia has also reported that dwelling prices in south-east of the Sunshine State are being driven sky high by the cost of roads being laid.
"A typical suburban local road in Brisbane is costing $407,360 per kilometre, while the equivalent roads in Ipswich and Moreton Bay are over $140,000 per kilometre more expensive," said Property Council Queensland executive director Chris Mountford.
"In the end, it is homebuyers and rate payers who are paying these significant cost variations."
While the infrastructure remains at the current cost, cashing in on your property might be the best idea.
Why are buyers flocking now?
As the prices of dwellings around Australia, particularly in Sydney and Melbourne, have consistently been rising, anytime there is a slight drop, buyers will be out in force thinking they're taking advantage of the reduced outlay they'll have to make.
House prices on the Gold Coast, however, have not seen any major falls recently. This means that buyers are still going to be looking around for a new home, but as homes are still at the heightened prices of the last few years on the landscape, they'll be paying more than expected. Even better, with a large number of buyers out, there will be competition to get into a home and secure the bid, which might act very favourably toward sellers as well.
All in all, it's a great time to be looking at getting into a new property as people will be trying to buy your current home. Cashing in while you can is recommended, especially with dwelling values expected to continue rising dramatically around Australia.
Looking at selling a house on the Gold Coast? Get onto it quickly, and contact Ray White Surfers Paradise to find out more.