The phenomenal surge in rental applications for Northern Gold Coast property that has seen some properties attracting as many as 150 applications appears to have resulted in "a severe shortage in listed stock coupled with a noticeable increase in buyer activity putting upward pressure on values" according to Herron Todd White property valuers.
HTW statistics reveal there are now 25 sales more every week compared to 12 months ago. The volume of sales within price bands has also shifted: Most notably 72% of current sales are below $500,000 compared to 80% 12 months ago, suggesting a degree of bracket creep and a severe shortage of stock under $500,000.
Herron Todd White also reported many listed properties are now selling within days with multiple offers being made, something we have not seen since the onset of the GFC.
The majority of buyers appear to be locals. There is also a noticeable increase and return to the market of interstate and foreign investors (mainly Chinese and New Zealand).
The Real Estate Institute of Queensland (REIQ) also suggests new figures contain positive news for the Gold Coast. The REIQ said the real estate market was showing strong signs of recovery, with median house values increasing by more than 5 per cent.
"Through the years of the GFC [global financial crisis] we saw the market retract, so we've been starting to see some healthy signs of the Gold Coast markets turning the corner and recovering in prices and that certainly is good news.