Demand continues to sweep the Gold Coast throughout the start of 2022.
The new year has begun and the summer selling season is well underway, fuelled by the red-hot demand of 2021 that saw staggering price growth with a 21.9 percent rise in property values across Australia, the highest on record.
Recent data from CoreLogic predicts a cooling off on prices with a slight fall in housing values across Australia, the only exceptions being Brisbane, regional Queensland, including the Gold Coast, and Adelaide, where prices are showing no sign of slowing down just yet.
For the Gold Coast factors such as flexible work arrangements, low interest rates, lifestyle demand and FOMO are still driving the market into the start of the new year, while the 2032 Olympic and Paralympic Games ensure continued growth and development to Brisbane and the coast for the years to come.
The Gold Coast also remains a top destination for those looking to relocate.
After a surge of interstate migration throughout the last 12 months, it is expected that we will see more lifestyle seekers who were unable or hesitant to make the move during the last year with border restrictions, creating a new wave of demand for the coast in the early months of 2022.
Although it is difficult to predict the future of property prices, the Gold Coast is currently in a strong position for more growth.
Summer Sales Success
The summer selling season has shown no signs of cooling off just yet, with 61 Albatross Avenue, Mermaid Beach selling for $16,500,000 in a sale by myself and Harry Kakavas.
133 Hedges Avenue, Mermaid Beach sold in just 24 hours in an off market deal to a local family for $14,500,000. This is a record street price for a home on a single block and another sale by myself and Harry Kakavas.
181 Jefferson Lane, Palm Beach sold prior to auction, setting a new street price record, the highest recorded for Jefferson Lane at $8,275,000 in a sale by Troy Dowker.
27 Ocean Street, Mermaid Beach sold for $3,300,000 in a sale by myself and Eoghan Murphy and 2193/1 Lennie Ave, Main Beach, sold for $2,050,000 in a sale by Duncan Longmore.
2/49 Petrel Avenue, Mermaid Beach was sold for $2,022,000.22 in a sale by Tony Velissariou and Marco De Vincentiis.
1502/3575-3585 Main Beach Parade was promptly secured prior to auction for $1,800,000 in a sale by Rob Lamb and Sam Guo and Julia Kuo.
Rental Demand
Rental demand has been on the rise throughout 2021 across Australia and with the constant flow of migration to Queensland, rental properties have become highly sought-after on the Gold Coast.
Recent data from the REA Group’s quarterly PropTrack Rental Report January 2022 found that rents were up 17 percent year-on-year for the Gold Coast.
This high demand for rental property can also be seen by a decrease in days on market for listings. Nationally, the median days on market were recorded at a historic low of 21 days in December 2021, however the Gold Coast recorded only 14 days over the same period.
New listings dropped 27.2 percent nationally during the month of December 2021, the lowest number since April 2010, with the Gold Coast and central Queensland seeing a 10.8 percent decrease in listings.
Heavy demand for rental properties coupled with low interest rates shows that this is a prime opportunity for investors to meet the ongoing demand as the Gold Coast population increases. With more investors looking to purchase or develop on the coast, stock levels will most likely see a rise again in the coming year.
At Kollosche, we have a portfolio of prestige rentals available with plenty of demand as an upside for investors. If there is anything our team can do to assist you this month, please do not hesitate to reach out.
