Gold Coast’s fastest selling suburbs

HOMES in semi-rural Currumbin Valley were snapped up faster than anywhere else on the Gold Coast over the past year.
The Proptrack Spring Market Report shows houses in the leafy southern suburb spent a median of just 23 days on market as thousands of interstate residents escaped 2021 lockdowns in search of the space and freedom afforded by the acreage lifestyle.
Next was Elanora, also home to larger blocks, where houses sold in 25 days, then Mermaid Waters, Varsity Lakes and Tugun, each at 27 days.
The data shows how the pandemic boom disrupted typical market movement, but property experts say those lightning-fast transaction times aren’t likely to be repeated while vendor expectations remain out of sync with recent softer price growth.
Price point, location and the type of property were key factors behind how long a listing spent on market.
7 Vita Bella Ct, Currumbin Valley sold in less than one week
Troy Dowker, of Kollosche, said Gold Coast house prices would continue to stabilise after two years of record growth fuelled by buyer FOMO, or fear of missing out.
“Sellers have certainly done very well over the last two years with capital appreciation, but the world has begun to normalise now and so has the market,” Mr Dowker said.
“Sellers need to be more realistic in their expectations, and some are still in that ambitious zone of earlier this year or late last year, but the market has plateaued and we are seeing gaps between those expectations and what the buyer is prepared to pay.”
Mr Dowker said the market was, “in great shape” despite properties now taking longer to sell.
“The quality of buyer is still there, just not the quantity,” he said.
Homes in Currumbin Waters don’t last long
Dax Roep, of Harcourts Coastal, said Currumbin Valley was continuing to experience strong demand for its rural lifestyle and proximity to the beach, local amenities, and good schools.
“While we have witnessed an overall changing market in the past one to two months, buyers are still drawn to rural lifestyle holdings for their family which are still easily accessible,” Mr Roep said.
“Properties that become available within Currumbin Valley and adjoining Tallebudgera Valley are hotly contested and witness shorter sale periods.”
A new Hamptons-style home with a smaller second dwelling on 7.5 acres listed this week with a $2.8m price tag had attracted interest from buyers searching for property suitable for extended family or to generate additional short-term rental income.
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Recent land sales in the area included two blocks on Currumbin Creek Rd which sold for $2.5m and $3m respectively, while Harcourts Coastal had also listed a luxury home at 74 Aqua Promenade for offers of more than $4.3m.
John Fischer, of PRD Real Estate, just sold an acreage estate at 7 Vita Bella Ct, Currumbin Valley for $2.5m to a local buyer in a cash unconditional deal reached less than a week after the property hit the market.
“Currumbin Valley has been one of the more tightly held areas where there is definitely not as much stock, so when properties do come on the market there’s more demand,” Mr Fischer said.
“However, things have slowed down to a more normal pace like prior to Covid.”
Peace and privacy, but not too far from the beach
Billy Jaz, of McGrath Palm Beach, said listed time for houses in Elanora and Currumbin Waters had stretched out over the last season, while buyers’ borrowing power was also affected by the Reserve Bank (RBA) hiking rates for the first time in 12 years.
“If you look at April to July, days on market has definitely been longer and in some cases closer to six to eight weeks, however since August our last five sales have happened within a week,” Mr Jaz said.
“I think that comes down to two things — the recommendations that agents are now making with their vendors based on the new market, and new vendors who are taking that advice and starting the campaign at the correct price, which in turn means faster results.”
13 Tiller Ct, Currumbin Waters
Mr Jaz said buyer inquiry had picked up in the last few weeks heading into the traditionally busy spring period, while agents were allowing extra time for auction campaigns to capture more buyers.
For units, Tugun was the fastest selling market over the 12 months to August, with properties listed for a median of 26 days. Units sold in 28 days in Bilinga and Reedy Creek, followed by Merrimac at 30 days.
David Stringer, of DJ Stringer Property Services, said newer beachside apartment developments were attracting most demand.
Apartments in Tugun and Bilinga were also snapped up fast
“Buyer demand through the coastal strip has definitely been stronger than on the western side of the highway, and as long as agents and sellers are aware the market is a little different to what it has been over the last six months and properties in those beachside areas are priced correctly to reflect value, then I would expect that demand to continue,” Mr Stringer said.
PropTrack data was based on the number of days the house was listed for sale on

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