The Gold Coast’s western suburbs are blitzing the beachside hotspots when it comes to days on market with Nerang the fastest-selling suburb in the city.
PropTrack data reveals buyers are racing to secure property in Nerang with homes selling in just 22.5 days.
Maudsland was also popular, with properties spending 26.5 days on the market, followed by Pacific Pines at 27 and Gilston at 29.
Bilinga was the only beachside suburb to make the top 10 with properties spending 30 days on the market.
PropTrack economist Angus Moore said buyers were turning to the city’s western suburbs for its affordability.
“Part of what we are seeing for those who are looking on the Gold Coast is more demand for the more affordable parts,” Mr Moore said.
“In an environment where interest rates have risen extremely quickly and housing affordability is sitting at its worth level in three decades it isn’t a surprise to see buyers getting priced out of the inner city areas and looking more further afield to those affordable suburbs.”
But he said there would be no reprieve for buyers.
“We might be through the interest rate rises but we’re probably not likely to see big declines in interest rates,” he said.
“And while wages are growing slowly, they won’t offset mortgage costs.
“Unfortunately affordability is going to stay strained for a while which will mean buyers will continue to favour those more affordable regions.”
LJ Hooker Nerang sales manager Chris Pittaway said there were several factors impacting days on market in Nerang.
“Firstly it’s supply and demand, there’s just not enough supply and plenty of people looking to buy here,” Mr Pittaway said.
“Mix that with affordability — we’re still considered one of the most affordable suburbs on the Coast and we’ve got such a diverse range of properties.”
The suburb offered units and entry-level houses all the way up to prestige and riverfront properties, Mr Pittaway said.
“We’re not just attracting one type of client, we’re attracting the whole market,” he said.
5 Carham Court, Nerang sold for $1.87 million in October, 2023.
Ray White NCO Group principal Clint Hynes said Nerang’s location and affordability were attracting buyers.
“The demographic of Nerang has really started to change in the last five years in particular,” Mr Hynes said.
“There’s still a lot of value here as well and it’s in the centre of the Gold Coast.”
“It’s especially popular for families who want bigger blocks as well as people who coming to the suburb to renovate.”
PropTrack data was based on suburbs with the shortest days on realestate.com.au in the past 12 months to November, 2023.
There was a minimum of 30 sales for a suburb to be included.
Suburb, days on market
Nerang, 22.5
Maudsland, 26.5
Pacific Pines, 27
Gilston, 29
Upper Coomera, 30
Bilinga, 30
Varsity Lakes, 31
Merrimac, 31
Mudgeeraba, 31
Pimpama, 32
Source: PropTrack
Article source: www.realestate.com.au