The Gold Coast property market has experienced its strongest annual increase in home value growth since May, 2010, with a rise in home values of 2.1% in the year to August, 2013, according to RP Data’s latest Gold Coast market update.
RP Data research analyst, Cameron Kusher, says that the recent recovery across the region’s property market is a welcome change for home owners and investors.
“As a result of the carnage left in the wake of the GFC back in 2007, lifestyle markets such as the Gold Coast were the worst hit. While recent capital gains results across the region are encouraging, dwelling values on the Gold Coast still remain -9.3% below their January 2010 peak,” says Kusher.
Report highlights include:
• Gold Coast dwelling values up 2.1% (houses increase by 3.3%, units decline to -3.1%)
• Average time on market for houses now 96 days compared to 113 days for the same time last year
• Average time on market for units now 113 days compared to 127 days for the same time last year
The annual rate of capital growth for the Gold Coast peaked in May 1988 when, over the year, dwelling values increased by 44.9%. However, in March 2003, annual capital growth of 35.4% was recorded.
Detached houses, which make up more than half of the overall Gold Coast property market outpaced the unit market and recorded an increase in overall values of 3.3% over the 12 months to August, 2013; unit values declined by -3.1%.
Although home values have increased by 2.1% over the past 12 months, the unit market continues to underperform with values falling by 3.1%, compared to a 3.3% increase in house values.
The top five suburbs for sales based on Houses included:
• Upper Coomera – 269
• Robina – 265
• Helensvale 252
• Ormeau - 242