It was a very interesting month for the Elanora property market, with the month beginning with a Gold Coast wide lockdown. As a result, we witnessed several shifts happen within the market such as:
- the number of properties for sale on the market dropped by approximately 20% month-on-month, which resulted in an increase of competition between buyers
- border restrictions and the inability for interstate buyers to enter Queensland saw less buyers circulating in Elanora
- the median house price dropped slightly (month-on-month) to $1,020,000
It is important to note that the median house sale price in August is reflective of the different types of properties sold, rather than market sentiment. Additionally, July also saw a number of record sales which boosted July’s median sale price.
There were 11 registered sales for the month of August, up by 3 compared with July. This was due to a number of ‘pending sales’ being carried over from the month of July.
From here, we’re expecting things to continue to heat up again, and the market to keep improving heading into Spring, with local restrictions easing.
Spring is traditionally one of the best times to sell your property due to the increase in overall market sentiment. On the Gold Coast in particular, we’re still seeing the market surge due to record low interest rates, approximately 20% less houses on the market compared to this time last year and record numbers of interstate migration from places like Sydney and Melbourne.
Where we will continue to monitor, is the interstate buyer market. So far, we have witnessed a drop in interstate purchases, sight unseen, by approximately 30%.
For more information, please call Jason Hocking on 0468 769 568.