Gold Coast follows Brisbane?
- Thread starter fernfurn
- Start date
There are no jobs there, the high AUD killed the tourism industry and that's all the GC had going for it. Now most people from the GC come to Brisbane for work, so if anything that means Brisbane will go up and GC down. The traffic and train is horrendous. I bet a lot of them would prefer to sell up and relocate to Bris.
Locals say the market here is about to pick up, been hearing this for about a year.
Been looking to possibly buy in Broadbeach, Mermaid area.
Lower price units in Broadbeach are not staying on the market for long. They seem to sell for 10-15% below advertised price.
Some good bargains picked up at auction.
Agents tell me what a great deal a property is because several years ago it was worth up to double of the current price.
All,I can think was it must have been rather inflated.
Mermaid Beach still looks over priced to me. Being close to a couple of popular hipster style cafes (unique for the coast) used as a sales pitch ?
Don't know a lot about other areas, friend sold in Paradise Point, lost $300,000.
Seems everybody who bought several years ago, selling now will sell at a loss, a big one!
I think that's a buyers market....right?
Been looking to possibly buy in Broadbeach, Mermaid area.
Lower price units in Broadbeach are not staying on the market for long. They seem to sell for 10-15% below advertised price.
Some good bargains picked up at auction.
Agents tell me what a great deal a property is because several years ago it was worth up to double of the current price.
All,I can think was it must have been rather inflated.
Mermaid Beach still looks over priced to me. Being close to a couple of popular hipster style cafes (unique for the coast) used as a sales pitch ?
Don't know a lot about other areas, friend sold in Paradise Point, lost $300,000.
Seems everybody who bought several years ago, selling now will sell at a loss, a big one!
I think that's a buyers market....right?
There has been talk in this site for the last ten years about what happens if house prices stop rising?,,and there has been various posts on the chilling conclusion that a rapid collapse was inevitable,and the only time I have ever seen mild panic in this site was when rates went near 8% a few years back,myself the GC and Brisbane may well go like the early 1990's when prices went nowhere for several years,Brisbane been like that for several years now..imho..
Locals have a vested interest
Hi fernfurn,
I'm not sure that this necessarily is a cause and effect thing, although I haven't followed the GC market for long enough as a local to exclude it entirely.
My observations here are summarised in this thread:
http://somersoft.com/forums/showthread.php?t=85614&highlight=gold+coast
I have bought two in two months here with the latest one settling approx. 6 weeks ago. Single housing in the central areas is at bottom. Probably bottomed out late last year or early this year. The outer suburbs (north toward Brisbane) I have less information on as I don't follow those areas.
I personally do not believe the single housing market in the sub 800 K bracket will fall any further with sales volumes improving as vendors become more realistic after several years of conditioning. It still is a buyer's market although there is more competition for better located houses; sometimes too much as I have seen a crazy sale in our street recently. I can't comment on units/apartments as it is not an asset class I follow here.
I don't see it as negative as some others. Tourism is improving. There are more visitors on the ground so this is a good thing. There are still some decent buys to be had for those who do their research and are patient particularly in the in-fill areas beach side and Labrador/Southport. Council is releasing a draft plan for new zonings/domains soon. They are running out of land that already has infrastructure in place. I expect to see denser zonings nearby to activity centres and transport corridors.
It is not as bleak as it was that is for sure.
