Franchise opens new office as local house prices jump 15pc

Raine & Horne has taken advantage of the Commonwealth Games boom by opening its seventh office on the Gold Coast.

Darren Davey, who will run the new Ashmore office, said the local market had suffered a post-GFC slump but was now booming ahead of the 2018 Commonwealth Games, which will be held on the Gold Coast.

“The confusion around who’s running Queensland following the recent election will hurt a bit, although the interest rate cut should give the market a kick along, especially those properties priced below $600,000,” he said.

Mr Davey said the falling Australian dollar is also enticing some overseas investors back to the Gold Coast, although it’s local upgraders who are driving Ashmore real estate.

“It’s still possible to buy a nice four-bedroom house with a study in Ashmore for under $500,000,” he said.

According to CoreLogic RP Data statistics for January, the median house price in Ashmore is $500,000, while the median unit price is $282,000.

House prices have grown 4 per cent over the quarter, 15 per cent over the year and 17 per cent over the past three years, although only 6 per cent over the past five years.

Unit prices have fallen 1 per cent over the quarter and 5 per cent over the past five years, although they have risen 8 per cent over the year and 1 per cent over the past three years.

[Related: Agent set to earn double commissions for Gold Coast estate]

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