While the property market is fluctuating across the country, the Gold Coast and Queensland as a whole are holding up in spite of challenging conditions.
We've analysed a selection of the latest CoreLogic property reports to tell you more about the Gold Coast property market.
Million dollar property values in Surfers Paradise and across the state
In the last 12 months, the median property sale price has dropped by 5.31 per cent to sit at $1.3million, according to CoreLogic's Propertyvalue figures. This compares to a national average of $485,000, showing Surfers Paradise remains a high-value suburb.
Across the country, the number of suburbs with a median value of or above $1million is falling, yet property in Surfers Paradise is holding its position. In fact, across Queensland, there are now 38 suburbs sitting in this category compared to the five recorded just a decade ago.
The same data also states that properties take an average of 100 days to sell, and are typically going for around 10 per cent less than the original asking price.
However, in a separate report earlier in the year, CoreLogic also found that sales activity fell across Queensland, with the Gold Coast in particular declining by 17 per cent.
The number of annual sales is declining but property prices hold better
Surfers Paradise saw 1,348 sales in the year ending February 2019, compared with 1,632 in the same period 12 months prior. However, the sale value hasn't dropped by the same degree. The value of all sales accumulated in the two 12 month periods only fluctuates by 11 per cent, showing that local properties are still fetching good prices even if market activity has slowed.
Property values across Brisbane, Sydney and Melbourne
CoreLogic's June 2019 home value index results show the Gold Coast's nearest big city Brisbane faring pretty well against cities like Sydney and Melbourne.
As at June 30, 2019, the previous 12 months saw a drop in dwelling value of 2.6 per cent in Brisbane. Sydney and Melbourne dropped by 9.9 per cent and 9.2 per cent respectively in the same time period, showing that sunny Queensland is still holding its own. In fact, Brisbane is one of only four cities listed to show a positive total return value, alongside Adelaide, Hobart and Canberra – a trend that undoubtedly has a trickledown impact for Surfers Paradise real estate.
At Ray White Surfers Paradise we live and breathe Gold Coast property. Get in touch to find out more about the properties we have on offer today.