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Gold Coast real estate trends - October 2023

Ideal choices for buyers: units and houses

It's a buyers' market right now.

Property sales have dipped by around 30% vs. May last year. Houses haven't been far behind, with a decrease of 27%.

This should mean a wider selection and better deals. The sweet spot seems to be in mid-range properties for those eyeing units.

Units between $400,000 and $800,000 dominate the market, accounting for 62% of all unit sales. Units are catching the attention of those looking for affordability without compromise.

Regional Market Update, CoreLogic

Home values: Today's best options

The value of homes has seen some changes.

While there’s been a decrease in the high-end properties, around -4.4% ($45K on average vs. median-valued homes) for houses, this is an opportunity for those looking at premium homes.

Additionally, lower quartile homes saw a decrease of 3.8%, which, if you were to buy now, would be saving you roughly $40K vs. last year.

Entry-level units are holding their ground, showing a decrease of 1.7% ($12K). So, whether you’re a first-time buyer or seeking a luxurious nest, there’s something in store.

Negotiation leverage and time considerations

Sellers might be calling the shots, but don't let that deter you. There’s still room to move and get a deal that suits you.

The average vendor discount for houses is around -4.3%, while last year was -4.5%. This year, properties are selling at 4.3% less than the asking price, roughly $40K more affordable when looking at median-valued homes.

While properties are on the market a bit longer, around 29 days vs 24 days last year on average.

This gives you a chance to weigh your options carefully. Take advantage of this time to decide what you’ll be content with.


Insights into the shifting market landscape

The Gold Coast real estate landscape of October 2023 reflects a dynamic market with shifting trends. The decline in sales, variations in home values across quartiles, and negotiation dynamics underscore the complexity of the current environment.

  • For owner-occupiers, mid-priced units and houses offer balanced options that align with affordability and quality.
  • Investors can explore premium properties with decreased value, making them more accessible.

As the Gold Coast real estate journey unfolds, staying informed and adaptable is the key takeaway. Understanding market dynamics empowers owner-occupiers and investors to make sound decisions that align with their goals and preferences in this evolving market.

This article is intended to provide general information of an educational nature only. Information in this article is current as at the date of publication.


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