AU Blue ribbon property back in fashion on the Gold Coast
Property Here - Friday, June 14, 2013
THE Gold Coast's prestige market is on the comeback trail and it is locals who are getting in on the ground floor.
A string of record-breaking sales in the city's elite enclaves is proving that, when it comes to property, blue-chip is back on the agenda.
A report analysing prestige property sales in the central Gold Coast, due for release next week and obtained by the Gold Coast Bulletin, finds the volume and dollar value of transactions in the four months from January to April is already more than 50 per cent of the sales achieved in 2012.
McGrath estate agents James Ledgerwood and John Natoli have looked at all house sales above $2 million within a 6km radius of Surfers Paradise.
"We found there had been a noticeable change in sentiment, with more sales occurring in the central Gold Coast prestige property market in the first four months of 2012 than we have seen since the market peak in 2008,'' Mr Ledgerwood said.
He said pre-auction offers were now becoming commonplace and there had been a big rise in inspections.
"Buyers feel the market is not going to drop dramatically further and is likely to have bottomed out,'' he said.
"They are anxious to secure their desired property and the fear of missing out has seen a notable increase in strong pre-auction offers and competitive bidding at auctions.''
In the $2 million to $5 million bracket, there were 39 house and land sales in calendar 2012, while from January to April this year there have already been 19 sales.
Mr Ledgerwood said a key driver in the market segment was young professionals with families, and doctors in particular, looking to upgrade.
"That has also ignited the $5 million-plus bracket as those sellers then leapfrog into top-end beachfront or riverfront properties,'' he said.
Southport has experienced its highest level of sales activity in the past decade.
Read more: http://www.news.com.au/realestate/buying/blue-ribbon-property-back-in-fashion/story-fndban6l-1226663618536#ixzz2WI5ywVq7