Gold Coast

Anyone up that way hazard a guess what the interest rate rise will do to gc prices. They seem to have been steady for about 2 years but I was wondering if anyone has noticed an increase, or do they feel they may drop further with the interest increasing?
 
From an outsider's perspective and a fellow Melbournite, I do travel there a few times per year and do look from time to time...........I reckon the market is soft.

Properties (houses) around the 700,000 to 1.3 Mill advertised range are selling for less than they were in 2007/2008. Some at a 10 % discount. I don't believe this market is going anywhere fast.

Hedges Avenue in Mermaid Beach is on "special" ...whoever has a few million and can afford to hold 4-5 Mill properties for a few years, will do very, very well out of the land alone. Apparently to the north Sovereign Islands mansions are also going cheap, although I don't follow that area closely.

I also don't follow the apartment or townhouse market there at all, so can't comment. I think in the sub million range for houses this year will present some good buying. The outer newer estates with slightly second hand house and land packages (a couple of years old) will probably suffer as families feel the pinch of further rate rises. These would be in the 400 K to 500 K range.

I'd be keen to hear of any local Gold Coaster's opinions also as I am looking at this market now, around Mermaid/Broadbech Waters.
 
I was seriously looking last month - the $400k & under market was strong with investors while anything above that looked like they were taking huge reductions.
 
Pretty steady over the last couple of years with not much to report either way from what I’ve seen. Hoping it’s going to repeat the pattern from the last cycle and really start to move at the tail end of the southern state upswings.
 
A unit my partner has at Main beach has dropped from $503,000 in 2006 to $445,000 in January 2010.
They say prices went up by about 4.9% in March 2010.
The market lags behind others and is highly influenced by overseas investors. Confidence seems to be increasing and new development around Surfers might benefit that area.
I expect the interest rate hike might effect the lower end of the market more than any other areas. We wait and see.
 
We bought an apartment in a high-rise in Surfers in the middle of last year; the price was 25% less than the vendor paid, when he purchased it off the plan- long story involving an Irishman holidaying at the Gold Coast!

I keep a check to see how valuations are going in the area, and so far I don't think it's increased in value, but the Gold Coast generally follows Brisbane, so we have to be patient. From my perspective, it was our opportunity to buy a fabulous unit near the ocean at an affordable price.

We rent it out for holiday letting through an agency and have just negotiated a rental increase. Part of the deal was that we would stay there for a certain number of weeks per year.

I would consider buying another unit at Surfers , if the numbers stacked up!

This is my opinion; please do your own research.

RK
 
We bought an apartment in a high-rise in Surfers in the middle of last year; the price was 25% less than the vendor paid, when he purchased it off the plan- long story involving an Irishman holidaying at the Gold Coast!

Nice work! I've been seeing a number of these deals around (significant drops post-off the plan). Once the shine comes off the bottom really falls out of these unless we're in a boom market. Have a look at Southport Central and Brighton on Broadwater and you'll see a lot more of the same.
 
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