According to CoreLogic RP Data
Gold Coast house values are 5.2% higher over the year ending December 2014, while unit values have increased by a lower 4.7%. In comparison, in December 2013, home values increased by a greater amount up to 7.5% for houses and 6% for units.
The number of units sold was 5% higher over the 12 months to November 2014 while house sale turnover increased by 7%.
Again according to CoreLogic Gold Coast homes are currently selling faster than they were one year ago the average time on the houses down from 85 days in November 2013 to 73 days in November 2014 and houses are selling in 92 days compared to 105 days in the previous year. Our experience in Palm Beach s that times on market are much less.
There are some conclusions that can be drawn from these two graphs. In particular that turnover has not reached anything like the levels normally associated with a boom market. 2003 and 2007 were both years when turnover far exceeded “normal” levels.
The other year that was the standout was 2009 when the Rudd Government increased the First Home Buyers Grant
to stimulate the housing market. As far as first-time buyers market was concerned it brought forward purchasing intentions by up to 18 months. The next two years saw a virtual withdrawal of first home buyers from the market resulting in lower turnovers and lower prices.
Likewise, prices have only just recovered to 2007 and 2009 peaks. We are seeing steady growth in prices and there is no doubt that in the Palm Beach area they are now comfortably above 2007.
Everybody makes what they want from statistics but in the absence of an external event or a large increase in the amount of available stock the Gold Coast, and in particular our area, should offer price growth this year.