Property experts are predicting another strong year for Gold Coast real estate but have warned not to expect record-breaking price growth.
While the city’s residential property market is still rising, according to Herron Todd White’s national December month in review report, leading agents are forecasting modest growth for the city’s residential real estate throughout 2022.
The report predicted interstate migration to continue with a strong appetite for lifestyle driven markets, including the Gold Coast.
With vaccination targets reached and borders now open, the report stated that many were optimistic that Gold Coast property could continue to perform well in 2022.
Andrew Bell of Ray White Surfers Paradise. Picture: Jerad Williams
Ray White Surfers Paradise Group CEO Andrew Bell, whose team is gearing up for its bumper January auction The Event, predicted moderate price growth for the Gold Coast this year.
“You can’t keep having 50 per cent increases in value year after year,” Mr Bell said.
“It will start to move into a more stabilised market although we will continue to get migration from down south so it will still be a solid year here.
“It will be a different year to 2021 but it will be a good year.”
Dane Atherton of Harcourts Coastal. Picture: Jerad Williams
Harcourts Coastal director Dane Atherton said strong inquiry pointed to another stellar year for the Coast property market.
His agency recorded 176 inquiries in the first three days of January, 2022, compared with 28 in same period of 2021.
“Covid has fuelled a lifestyle re-evaluation for all of Australia which has really favoured the Gold Coast,” Mr Atherton said.
“It meant people had brought forward decisions to enhance their lifestyle by choosing where they wanted to live and a big part of that was the rise of working from home.
“I don’t see that trend stopping soon.”
But, he said, price growth, would not be as strong as the past two years.
Amir Mian of Amir Prestige.
Amir Mian of Amir Prestige said anyone waiting for a drop in house prices would be waiting in vain.
“Last year was phenomenal for price growth and while we may not see those levels this year, prices are certainly not going to fall,” he said.
“Prices will only fall when supply stops being an issue but that doesn’t look like it will change this year. People are only selling if they have somewhere to go, but unless they are moving outside the area, finding somewhere is a problem. It’s a catch-22 scenario that will keep prices up in 2022.
“Plus southerners are still coming; despite Covid and cyclones, they still want to migrate to sunny Queensland.”
Michael Kollosche of Kollosche. Picture: Mike Batterham
1502/3575-3585 Main Beach Parade, Main Beach sold on January 5, 2022 for $1.8 million through real estate agency Kollosche.
Michael Kollosche, head of prestige agency Kollosche, said the market remained strong and it would be business as usual for the year ahead.
“I don’t think much is really going to change,” he said. “We might not have the same levels of price growth, but there is just so much money in the private sector at the moment.
“There has been a lot of interstate migration with properties being bought by people who could buy those assets up to ten times over, cash unconditional. What people need to realise is that the Gold Coast is a more mature market than it has ever been, with real depth to it now.”
Gold Coast skyline.
Buyers’ agent Oliver Dunstan of Rose & Jones said he was anticipating more housing stock to be released to the market this month compared to the same time 12 months ago.
“(This is) different to the beginning of 2021 where we saw minimal stock and unprecedented demand from locals and interstate buyers, coupled with FOMO from many who were trying to capture the impressive capital gains being achieved in late 2020,” Mr Dunstan said.
“We still feel there will be more buyers than vendors resulting in competition and upwards pressure on prices.
“There’s a lot of buyer fatigue out there after a competitive year and Covid issues, however, most are of the impression next year will bring another surge of buyer activity and so they are keen to buy ASAP to avoid further competition.”
Aleisha Dawson
