The COVID-19 pandemic has had a huge effect on the Australian property market, with the Gold Coast experiencing a surge in demand for both owner-occupiers and investors alike.
So in this article, we explore the question: is now the best time to sell your Elanora investment property?
There are 2 main driving factors that affect an investment property’s return, these are rental yield and capital growth. If the goal of your investment strategy is to maximise your capital growth, then it is essential that you sell your property at the right time when it’s a buoyant seller’s market.
As with any property market, there are market tends and cycles. And while there are stages of growth, the market also goes through periods of stagnation and even decline. The trick is anticipating the period of decline in order to sell your investment property while the prices are still very strong.
Keeping this in mind, here are the latest Elanora Market Statistics:
Elanora House: Median price $772,500, Annual capital growth 8.5%,
Elanora Unit: Median price $450,000, Annual capital growth 9.7%
A by-product of the COVID-19 Pandemic is that over 70% of Australians would now prefer to live in a house that offers more open space (according to a Westpac Survey). This has spurred on a recent trend of interstate migration to regional areas of Australia – namely the Gold Coast.
As a result, there has been a 50.15% increase in potential buyers looking to purchase a freestanding house in Elanora since last year – In addition, there is also 10.22% less houses for sale in Elanora since last year.
This has resulted in an unprecedented amount of demand for Elanora properties, in particular for free-standing housing.
However, with job keeper and other government measures due to finish at the end of March 2021 – now could be a great time to consider selling your Elanora investment property.