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Although The Agency expects continued growth in the Gold Coast property market, it anticipates January will set the tone for 2020.
Property prices have been active on the Gold Coast, with prices up by 6.8 per cent in the year to October 2019, according to Domain.
Many hotspots saw massive growth, such as Mermaid Waters, where the median unit price increased by 21.2 per cent year-on-year to $472,000.
The Agency’s latest property reports put the growth down to families and downsizers who have converged on the Queensland city from other states.
In the last part of the year, the Gold Coast property market has been favourable, The Agency’s national head of sales and chief auctioneer, Thomas McGlynn, said.
“We’ve seen that lower price points on the Gold Coast are performing well because they represent real value compared to most of the country,” he said.
“We have also seen increased confidence in the market with some significant sales.”
The area has an active buyer market as it boasts an attractive location with quality properties and a sought-after lifestyle. However, buyers in the region tend to be price-sensitive, Mr McGlynn said.
“Because of this, sellers need to be mindful of setting prices that truly demonstrate value. It doesn’t pay to be overly confident in this type of market.
“The best way to achieve good results can be to start with lower expectations and let the market push it higher.”
The Gold Coast’s unique lifestyle market tends to mean it sees an increase in activity during January. As a result, The Agency predicts what happens in January will be a reliable indicator of how the market will perform during 2020.
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