Palm Beach May Market Update – Rob Lamb

There is certainly no doubt in the lead up to the election buyers and sellers were both cautious. They wanted to know the outcome. Now buyers have come back into the marketplace with renewed confidence. I guess they’re excited by the fact that there’s continuity there. There’s also talk about future interest rate cuts.

We had a Fingal Head property exchange at $4,250,000. We had a luxury apartment on the beachfront in Palm Beach, and we just sold another property in Palm Beach beachfront for $4,400,000.

So we’re just over $12 million in sales, in the first three weeks of May so, that is a strong month regards to any month.

Sydney and Melbourne both took a hit. They had really strong growth, over 100% growth over a short period of time. We didn’t see that same sort of growth. We’ve seen a consistent, slow steady growth. And that’s actually what we prefer.

Definitely, the prestige market is still performing exceptionally well. Those buyers certainly have their eye on suburbs such as Mermaid Beach, Paradise Waters, Isle of Capri and Palm Beach. It’s great to see that people are still buying property and that the Gold Coast market is performing exceptionally well.

For further information on the Gold Coast market, visit the Herron Todd White month in review hereĀ 

To view our recent Palm Beach sales, click here.