Gold Coast property market starts to slow – good news for those looking to buy

first_imgMore from news02:37International architect Desmond Brooks selling luxury beach villa16 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoREA Group research shows the Gold Coast property market might be slighting slowing.“I don’t think this is necessarily bad news, I don’t think it’s a sign that things are necessarily going to get bad,” Mrs Conisbee said.“(In terms of) views per listing, the Gold Coast is actually the strongest performer of all the regions in Queensland.”While demand may have softened, new figures released by the Real Estate Institute of Queensland showed the median house price on the Gold Coast continued to increase.The Gold Coast median house price was down by 0.3 per cent in the quarter, but grew by 6 per cent in the past 12 months to $620,000 – the highest growth in the state“Local agents indicated that the sales and rental markets were very quiet in the weeks ahead of the Commonwealth Games,” the report said.“This may have had an impact on the quarter’s performance as quarterly median sale prices fell slightly in March 2018.”The Gold Coast median house price grew six per cent in the past year to $620,000 – the highest growth in the state. SIGNS of a Gold Coast property market slowdown are starting to show but there is no need to panic just yet.Research by REA Group showed demand for units was down eight per cent across the city in the six months to April 30 compared with the same period last year.Housing demand also dipped but only slightly at less than one per cent.The findings were based on property views per listing.Nerida Conisbee, realestate.com.au chief economist, said the findings were no cause for concern as it was relatively normal to see ebbs and flows in the market.Nerida Conisbee, realestate.com.au chief economistlast_img

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