The Coast is gearing up for spring selling season. This waterfront mansion at 29-31 Cessnock Close in the top-ranked suburb of Mermaid Waters goes to auction on September 11.
The city is bracing for a spring selling season like never before, bolstered by fevered demand from locked-down interstate buyers desperate for a slice of Gold Coast real estate.
The real estate industry has traditionally set its collective calendar to September 1 to mark the start of the peak season in inquiry, listings and sales — and looking forward, as a barometer of the state of the market.
But in 2021, extended lockdowns in NSW and Victoria have accelerated unprecedented growth in demand — and prices — as buyers prioritise lifestyle and look to relocate permanently or invest in a perceived safe haven in the sunshine state.
28 Ghostgum Grove, Upper Coomera. Mark Ancypa is marketing this 3.07ha parcel of land with sub-division approval pending. It’s priced at $6.5m.
With buyer activity tipped to continue at frenetic pace, local real estate agents have implored prospective sellers to take advantage of favourable market conditions in the hope of easing a critical lack of supply.
Harcourts Coastal director Dane Atherton said “spring-like activity” had been experienced through the traditionally slower winter months of July and August.
“I think we are going to see a continuation of the incredible lack of supply and incredible demand,” Mr Atherton said.
“We might see listings slightly increased because of the seasonal nature of sellers wanting to come on to the market in spring, but that is going to be more than absorbed by an oversupply of buyers.
“I don’t think that is going to change. In fact, lockdowns often fuel transactions for us. The longer the southern states are in lockdown, the more anxious they are to secure a piece of Gold Coast real estate,” he said.
This Cronin Island mega-home at 14 Southern Cross Drive, Surfers Paradise offers 270 degree views of Main River, the city skyline and Hinterland. It is marketed by Joey Ho, of the Ho Group.
Australian Bureau of Statistics 2020 data shows more than 18,000 Sydney residents and 12,000 Victorians had moved interstate since the pandemic.
With interstate transactions already accounting for around 30 per cent of the marketplace, Kollosche principal Michael Kollosche said remote property inspections and auctions were now standard practice within the industry.
“You have to do it these days on every listing, to make it available for people who are interstate or offshore. You just don’t know what is going to happen from one day to the next,” Mr Kollosche said.
“I think we will see more of the same, with record prices being achieved month-on-month with the limited supply driving the market.
“I think we’ll probably see a lot of interstate buyers through that spring season. That will be the largest sector of the buyer market,” he said.
This unique property at 10-12 Tyalla Court, Tallebudgera has a charming sandstone cottage on 4.08ha fronting Tallebudgera Creek. It is marketed by Kylie Wardrop, of Premier Real Estate.
Latest data from REA Group reveals the suburbs expected to heat up most this spring, based on growth in sales listings over the 12 months to July, compared with the previous year.
Listings were up 51 per cent in the acreage suburb of Gilston bordering the Nerang River, followed by Burleigh Heads and Surfers Paradise, up 38 per cent and 37 per cent respectively.
Other top-ranked suburbs were: Mermaid Waters; Highland Park; Tallebudgera Valley; Tallebudgera; Biggera Waters; South Stradbroke; and Palm Beach.
A different snapshot emerged for the volume of total sales listings over the year, with the northern growth corridor suburbs of Pimpama, Coomera, Helensvale and Upper Coomera ranked highest.
REA Group head of economic research Cameron Kusher said the lack of supply was the greatest challenge for the Gold Coast’s property market heading into the spring season.
“I think we will probably see quite a strong increase in listings early in spring,” Mr Kusher said.
“We have seen a lot of people migrating to southeast QLD from NSW and Victoria and we can already see search volumes from those states are very strong, so the messaging from the real estate agents would be, ‘get your property on the market; interstate buyers are in lockdown so they have the time to look for property’.
“And then on the other side of that, there is not much coming online in Sydney because they are in lockdown,” he said.
Core Logic’s Eliza Owen said extended lockdowns could lead to increased household savings.
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National data from CoreLogic shows new listings rose by an average of 15.7 per cent in spring over the ten years to 2019, while sales were up 6.8 per cent.
CoreLogic head of research Eliza Owen said listings dropped in capital cities during periods of extended lockdowns, leading buyers to postpone property purchases in those centres.
“Household savings remain elevated, new average mortgage rates continue to reach new record lows, and many government fiscal stimulus and broader institutional responses have been resurrected amid renewed lockdowns,” Ms Owen said.
Amir Prestige principal Amir Mian said buyers prioritised lifestyle. He is pictured with sales agent Faith Liu. Picture: Tertius Pickard
Amir Mian, principal of Amir Prestige, said living with the restrictions of the pandemic had forced a change on the nation’s psyche, where people most valued time spent at home or in the local community with family or friends.
“Lifestyle is becoming the determining factor. People are on the move; they want to invest in themselves and in their families, and it starts from a feeling that we are more inclined to live for today,” Mr Mian said.
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var result = minutes + “:” + (seconds < 10 ? "0" + seconds : seconds); return result; } })(window.videojs); “While people are in lockdown in some states they are unhappy and dissatisfied with their quality of life, but on the Gold Coast people right now are happy. They are content and they are living the dream, and when we are driven by internal satisfaction that is a very compelling reason for people to invest in our market.” But Ms Owen warned the widening threat of Covid-19’s Delta strain could disrupt the season. “With affordability constraints becoming a larger obstacle in the market, as well as the potential for tighter credit conditions further down the track, if buyer activity does not match the lift in listings we could see a gradual rebalancing between sellers and buyers,” she said. SUBURBS WITH THE MOST LISTINGS Pimpama 1069 Coomera 1020 Helensvale 758 Upper Coomera 725 Southport 600 Hope Island 579 Ormeau 521 Robina 468 Broadbeach Waters 403 Pacific Pines 386 *Source: realestate.com.au total sales listings per suburb, 12 months to July 2021 SUBURBS WHERE LISTINGS HAVE RISEN Gilston 51% Burleigh Heads 38% Surfers Paradise 37% Mermaid Waters 33% Tallebudgera Valley 25% Tallebudgera 24% Biggera Waters 20% South Stradbroke 20% Palm Beach 18% SUBURBS WHERE LISTINGS HAVE FALLEN Beechmont 56% Gaven 37% Arundel 30% Coomera 29% Kingsholme 29% Ormeau 26% Boyland 24% Canungra 23% Mount Nathan 21% Oxenford 17% *Source: realestate.com.au total growth in listings per suburb, 12 months to July 2021 RENTAL HOTSPOTS Pimpama 1189 Coomera 715 Southport 584 Upper Coomera 535 Robina 405 Ormeau 363 Helensvale 307 Labrador 297 Hope Island 279 Palm Beach 264 *Source: realestate.com.au number of rental listings per suburb, 12 months to July 2021 The post Why this spring selling season will be different from any other appeared first on realestate.com.au.