Empty-nesters list home in Australia’s fastest selling market

Julia Vorrasi is selling her Clear Island Waters villa. Picture: Nigel Hallett
Empty-nesters Julia and Michael Vorrasi are selling their waterfront villa in Australia’s fastest-selling unit market of Clear Island Waters on the Gold Coast.
But even with homes in the suburb being snapped up after an average of just nine days on the market, the Vorrasis are ready to negotiate as the market adjusts from the frenzied growth of the last two years.
“We’ve put the home on the market for expressions of interest, so we’re not even sure what we’re going to get,” Mrs Vorrasi said.
“It depends on the right buyer, but definitely we will negotiate for sure.
“We’re not asking for a stupid amount of money. We’re just trying to get what the other units are going for, and it is a sought-after area.
“Most of the units here are selling within weeks,” she said.
The villa on Santa Cruz Blvd, Clear Island Waters is marketed by Laura Langford, of Republik Property Partners
The modern four-bedroom, two-bathroom villa at 87/125 Santa Cruz Blvd is marketed via an expressions of interest campaign closing June 16 with Laura Langford, of Republik Property Partners.
It is located within the exclusive gated community of Rhode Island and has a media room and home office, while the garden courtyard overlooks the water.
It has four bedrooms as well as a media room and home office
PropTrack data shows other Gold Coast suburbs where units sold fastest were Reedy Creek (12 days) and Burleigh Waters (15 days). For houses, Varsity Lakes and Carrara had the swiftest turnaround, with an average of 15 days on market, followed by Mudgeeraba (16 days) and Highland Park (17 days).
At the other end of the scale, houses in Bonogin were languishing on the market for an average of 75 days, and 65 days in Lower Beechmont.
For units, Paradise Point and Main Beach were the slowest moving suburbs, with an average of 69.5 and 66 days on market.
PropTrack director of economic research Cameron Kusher said the length of time properties took to sell indicated buyer demand, as well as the volume of homes for sale in an area.
Carrara is another hot market, with an average of 15 days on market for houses there
Mrs Vorrasi said the decision to sell their renovated family home of four years came earlier than expected, with their 21-year-old son recently deciding to move to Melbourne.
“I think the beauty for us if that we are downsizing so we are not going to lose,” Mrs Vorrasi said.
“It would be different if we wanted to sell and buy something else for the same value, but the apartment we are buying is significantly less.”
Mr Kusher said a slower pace of growth could be expected as rising interest rates weighed on consumer confidence and pandemic-driven interstate migration eased.
“I think Queensland is a bit more insulated from the slowdown, but it will all be dictated by how high and fast interest rates rise,” Mr Kusher said.
“I think prices will come back a bit, but not to the extent of Sydney or Melbourne.”
Mrs Vorrasi and her husband are downsizing. Picture: Nigel Hallett
Unit prices in Clear Island Waters have spiked 35.5 per cent over the last 12 months to a median of $772,500.
houses at Bonogin are taking an average of 75 days on market before selling
Lower Beechmont
Paradise Point
Mermaid Beach
Paradise Point
Main Beach
Hope Island
If you want to live in Varsity Lakes, you’ll have to act fast. Houses are selling in 15 days
Varsity Lakes
Highland Park
Clear Island Waters
Reedy Creek
Burleigh Waters
source: PropTrack

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