It's official, the Gold Coast property market is showing signs that it is in freefall. I have been tipping this for a while, like many other people. I believe that only one other major property market in Australia will do worse than the Gold coast.........and that is the highly speculative Sunshine Coast.
I am predicting drops of well over 50% for both these locations. Here is the link to the article:
http://www.goldcoast.com.au/article/2008/11/12/22241_gold-coast-news.html
Property price drop gathers pace
November 12th, 2008
GOLD Coast house prices continue to spiral downwards and the drop is gaining speed.
In the September quarter house prices plunged by 4.4 per cent, one of the biggest drops in the country, down from a median of $490,000 to $468,250, according to the latest research from Australian Property Monitors.
This is far worse than the June quarter figures just three months earlier, which had dropped 2.97 per cent, showing the property slump is gathering pace rather than slowing down.
It is a far cry from the property peak of December, 2007, when the median house price had soared to $500,000.
I am wondering what people think about the Gold Coast and Sunshine Coast markets. Does anyone think that there will not be major falls in these two regions ?
I am predicting drops of well over 50% for both these locations. Here is the link to the article:
http://www.goldcoast.com.au/article/2008/11/12/22241_gold-coast-news.html
Property price drop gathers pace
November 12th, 2008
GOLD Coast house prices continue to spiral downwards and the drop is gaining speed.
In the September quarter house prices plunged by 4.4 per cent, one of the biggest drops in the country, down from a median of $490,000 to $468,250, according to the latest research from Australian Property Monitors.
This is far worse than the June quarter figures just three months earlier, which had dropped 2.97 per cent, showing the property slump is gathering pace rather than slowing down.
It is a far cry from the property peak of December, 2007, when the median house price had soared to $500,000.
I am wondering what people think about the Gold Coast and Sunshine Coast markets. Does anyone think that there will not be major falls in these two regions ?