- Posted By David Brown
No one could have predicted what happened to the property market last year. The property market boom in 2021 showed the local agents something they had never seen before. The conditions of 2021, including all time low interest rates, high interstate demand, COVID-19, low stock levels, and the rise of building costs due to lack of supply.
The demand and speed of the market is something that we had never experienced before. With some properties selling within hours of it going to market. Properties experienced an unprecedented amount of offers on properties exceeding well over agents and vendors expectations. It was estimated that a third of all contracts were from interstate and had never physically seen the property. The market is still remaining strong but there are a couple of signs that the market here in the north is beginning to slow. During this period more vendors have decided to jump in on the action, therefore agents are reporting they have more stock than when this boom was in the early to mid-stages. This may suggest we have reached the peak of the boom.
It doesn’t look like the southern suburbs of Brisbane such as Beenleigh, Mount Warren Park, and Eagleby has experienced the same drastic price rises compared to Gold Coast’s north suburbs between Coomera and Ormeau. South Brisbane is still waiting for it time to shine, so it’s likely they will experience a boom next. Most local buyers are looking elsewhere such as South Brisbane as it is currently more affordable.
Towards the end of 2022, we may finally see the market stabilise. During this property boom we saw properties that would normally get overlooked, selling way above asking prices. These are properties that have building defects, Environmental issues, low street appeal, poor locations etc. Yet buyers were still eager to put an offer in. These types of properties will once again be less desirable when the market ultimately becomes a buyer’s market again.
North Gold Coast is still a buyer’s favourite, and it is understandable why. We are still yet to see the peak of this market. Most buyers are looking to North Gold Coast to escape the price rises of Central and South Gold Coast. North Gold Coast offers the best of both worlds, great location and affordability.