Gold Coast prices

I have one in surfers paradise. The value has probably dropped about 5-10% over the last year, as a guess.

But i'm not worried, because the GC will one day end up as Australia's priciest city:D.
 
The problem is financial.

Interest rates and our cost of living have gone up a lot and there is not enough money to go around.

People are simply running out of money.

Interest rates are not dropping as fast as they have increased and people are running for the exit.
 
Herron Todd White suggested GC is in a declining market since a couple of months ago. However, I am sure you will do well if you hold for long term.
 
Yerfdog said:
I am sure you will do well if you hold for long term.
Click to expand...
How long do we have to wait?
Buy and hold is dead because the holding part is impossible.
Interest rates are hurting and the RBA and the banks are wondering whether they should be dropping rates by a tiny 0.25%
What a joke.
When the US had credit issues their reserve bank was dropping rates overnight and by 05% or 1% at a time.
Our reserve bank IMO is deep asleep at the wheel...zzzzzzzzzzzz
 
The GoldCoast is heavily reliant on tourism. The local wages are low (seasonal and hospitality) and can't really support the current high property prices on there own. I believe the prices were pushed up by overseas buyers and pure speculators. I don't think the future is bright for future prices.
 
I think the Gold Coast can almost be devided in sections.
Are the above posts refering just to the holiday unit type properties, or gold coast as a whole?
What I mean is that the holiday unit type properties are still loosing value, but the surburan homes seem to have leveled out already. But then it depends which suburb been looked at also. The newer small blocks look to be going down further in value anyway. Suburbs like Pacidic Pines and coomera.

Out of interest, there are new homes there being sold for less to buy the land and build them.

Then other areas have got initial signs of an increase of sale price folowing the recent drops, such as Robina, thanx to the developement happening there.
 
Hiya

Im a local.

Most housing stock is slow.........

Most new land developments are slower again.

However in general Im finding prices are a bit lower than 12 mths ago in the 300 to 450 k segement...........

Where things have taken a more visible hammering is in the prestige end, price reductions of serveral 100 k are not uncommon.

ta
rolf
 
evand said:
As the saying goes "A long term investment is just a short trem one which didnt work out"
Click to expand...

Mate, I think that's a bit unfair - even for you. RE has ALWAYS been a long term (not a short term) investment.....but I can see the humor in your saying :)
 
Rolf Latham said:
Hiya

Im a local.

Most housing stock is slow.........

Most new land developments are slower again.

However in general Im finding prices are a bit lower than 12 mths ago in the 300 to 450 k segement...........

Where things have taken a more visible hammering is in the prestige end, price reductions of serveral 100 k are not uncommon.

ta
rolf
Click to expand...


Hi Rolf,

when you state that the prestige end had taken a hammering (and I don't doubt it as we were up there in May and some stock is still unsold even with price reductions), are you talking homes or apartments/units?

I would appreciate your views (and any other locals) of the state of things around Broadbeach Waters and Mermaid Waters, specifically 4-5 BR family homes on water in the 900 K to 1 Mill range.

Do prices look like softening further or is the sentiment on the GC becoming more positive?

Thanks for any info/suggestions provided.
 
I know it is mate. (i started in 1988) Its just an old saying that i like and doesnt really apply to property.

Aimjoy said:
Mate, I think that's a bit unfair - even for you. RE has ALWAYS been a long term (not a short term) investment.....but I can see the humor in your saying :)
Click to expand...
 
Sales started to ease off at Xmas, dropped dead in april but anyone who doesnt have to sell should just wait it out, I am confident prices will come up well, within a year. There are huge quantities of all types of properties for sale and most have been for sale since april. The only things selling are where people are prepared to drop their prices. People that dont have to sell are taking them off the market, if they are in no hurry, they are not dropping prices much, just waiting, and those at the bottom of the market, say at $220k, who are being offered $15/20k less and dont have to sell take them off the market .
 
Hi Rolph, How are the waterfronts on northern gold coast holding up? When do you think there will be an upswing?

thanks

Rolf Latham said:
Hiya

Im a local.

Most housing stock is slow.........

Most new land developments are slower again.

However in general Im finding prices are a bit lower than 12 mths ago in the 300 to 450 k segement...........

Where things have taken a more visible hammering is in the prestige end, price reductions of serveral 100 k are not uncommon.

ta
rolf
Click to expand...
 
I'm a local as well. Certainly our properties have gone up, albiet by very little.
Quality stock is still selling & going well - my spin & a local RE agent. That is, property with land content.
Trouble with units here is holiday letting is falling, and stock is still increasing.
As for houses near to beach, still doing ok.

The future - upside potential is excellent. With international immigration increasing, reduced house supply, and with NSW looking economically shaky, the minerals boom, ... and brilliant lifestyle.
 
rambada said:
I'm a local as well. Certainly our properties have gone up, albiet by very little.
Quality stock is still selling & going well - my spin & a local RE agent. That is, property with land content.
Trouble with units here is holiday letting is falling, and stock is still increasing.
Click to expand...

so - basically - property that is aimed at the owner occupier sea changers, in good location (near beach or canals or eat street), are still selling well?
 
I bought an investment property in Upper Coomera, Gold Coast, four years ago as a new build. They are currently selling at about $30,000 below the current new build/replacement price. So much for property going up 10% a year.
 
Hi guys,

I have a 3BR 2YO apartment in Biggera Waters that I have been trying to sell for three months. I have been told by three dif agents that regardless of the price, there are just no buyers. I have dropped the price by $30k in that three months, so that is now 30k under the val I received 12 months ago.

This equates to a 10% drop.

I dare say it has not much to do with tourism or the Gold Coast cliche at all, but rather a sign of the economic climate.

Regards Jo
 
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