Home buyers are snapping up property left, right and centre in Surfers Paradise, with clearance rates above 70 per cent, Australian Property Monitors has revealed.
Last month, 19 of the 27 homes up for sale were sold at auction for a clearance rate of 71 per cent, much higher than the 27 per cent clearance rate achieved this time last year.
Ray White Surfers Paradise Group chief executive Andrew Bell said property owners looking to sell should not wait for prices to rise further lest they miss out on the current buying frenzy.
“Competition is fierce for apartments under $550,000,” Mr Bell said.
“The current results are phenomenal compared to last year when sometimes only three properties sold. Last week, 19 of 27 homes were sold either under the hammer or before and after the event.
“That’s a pretty damn good result,” he said.
According to Mr Bell, buyers believe prices have hit rock bottom and it is time to buy before the trend heads upwards.