As FY23/24 has now officially come to an end, and FY24/25 has started off strong, we thought this would be a great opportunity to sit down with Daniel Alexander, Managing Director of LJ Hooker Southern Gold Coast, to have a chat about the current market.
What are the current trends in real estate across the Gold Coast?
Price Trends
- Steady Growth: The Southern Gold Coast has experienced steady price growth in the past year. Despite broader economic uncertainties, the area's property values have generally risen.
- High Demand for Coastal Living and Lifestyle Properties: Properties close to the beach and those with views have been particularly sought after, driving prices up in these segments.
- Increased Curiosity:The number of property appraisals conducted by our team on the Southern Gold Coast and in fact across the national LJ Hooker network was significantly stronger in FY24 compared to FY23. This increase was driven by homeowners looking to gauge the value of their property considering the strong price growth seen over the past few years.
Market Activity
- Increased Sales Volume: There has been a notable increase in property transactions, with many buyers eager to secure properties in desirable locations.
- Strong Competition: The market remains competitive, with multiple offers on well-priced and well-located properties being quite common.
Rental Market
- Rising Rents: Despite recent changes to tenancy laws, the rental market has been robust, with rental prices increasing due to high demand and a shortage of rental properties with rents rising by 8.2% annually. For example, median asking rent for houses in Currumbin is now sitting at $1,250/w and Elanora at $950/w. For units, Currumbin rentals are at $770/w and Elanora at $750/w. This trend reflects a broader national trend where rental markets are tight.
Market Drivers
- Lifestyle Appeal: The Southern Gold Coast's lifestyle appeal continues to attract both buyers and renters. The area is popular for its beaches, cafes, and relaxed lifestyle, making it a desirable place to live. Flexible work arrangements and relative affordability compared to capital cities means people are looking for their lifestyle of choice.
How will this change over the next 12 months?
Future Outlook - Steady Growth / Potential Stabilisation: While the market has been strong, there is speculation about potential stabilization or slower growth nationally in the coming months due to interest rate changes and broader economic factors. Locally however, we are living in one of the most attractive locations in the country and people want to live here. Can you blame them? Overall, we do not have enough supply to keep up with the demand and I cannot see this changing anytime soon, so I think this will continue to influence steady price growth for the foreseeable future.
It's worth noting that there are ‘markets within markets’ and trends can vary within different suburbs on the Southern Gold Coast and Northern NSW. For the most accurate and up-to-date information, its best to speak to a local real estate specialist who has demonstrated experience and a good reputation.
Do you have any advice on people who are interested in buying and/or selling soon?
It really depends on your personal circumstances. Most properties are selling for the highest prices they have ever sold for and relatively speaking, the Southern Gold Coast is a pretty safe place to invest in property.
Whether you’re looking to buy, sell, or just want to have an obligation free chat, please feel free to reach out to our friendly team today.