Top end properties in the Gold Coast are generating good business for agents, with several reports of solid auction clearance rates and increasing investor activity.
Recent sales figures released by Ray White Surfers Paradise have shown strong auction results in the Gold Coast market with 13 of the 24 properties listed selling under the hammer – several of which cleared above the reserve price.
The group’s chief executive Andrew Bell told Real Estate Business he believes these results show the market has flattened after many years being in the midst of a price correction phase.
“For four consecutive years now, the Gold Coast market has been experiencing a price correction phase, perhaps the longest than any other Australian city,” Mr Bell said.
“But there was always going to be a point in time when the market bottomed out, encouraging buyers to get off their hands and make a move.”
These comments were echoed by Australian Property Monitors senior economist Andrew Wilson.
“As the market begins to stabilise we have seen a number of those unit apartments struggling to find buyers are now beginning to clear,” Mr Wilson said. “We are also seeing some international interest, particularly in the upper markets.”
According to research by Ray White Surfers Paradise, 67 per cent of sales made in the Gold Coast’s upper market are coming from buyers located outside the region, Mr Bell said.