2017: A LOCAL'S MARKET
Very positive year for values on the Gold Coast
with steady increases in most sectors.
I am still seeing a lot of upside in the local established home market with 10 to 15% increases in value not uncommon. Local residents are keeping the market bubbling along even with threats of a recession. We need to remember that the Queensland market lagged behind other states. While their property values were soaring, here in Queensland we were recovering from a 30% plunge in values. Now while the southern states suffer from an overheated market we are seeing good continuing gains.
It is important to remember if you plan to sell a property in 2017 stay within the parameters advised by your agent otherwise, if you aim too high the property will stagnate and have that stigma of an unsaleble home.
There are still thousands of new apartments planned for the next few years. Prime locations will undoubtably attract buyers, however, not so prime locales will, I feel, suffer.
Settlements on some projects have been adversely affected by the major banks policy changes during the year, that now sees them generally lending to residents only. This has meant overseas buyers have to either front with the cash to settle or accept non bank loans at much higher interest rates and fees. All non residents should plan well in advance if they consider purchasing new apartments in Australia. Quite possibly the ability to on sell property prior to completion for profit will be severly affected. Do your homework.
We, like most agents are finding a lack of listings to be our biggest hurdle at present. All our listings during the year sold within days of hitting the market. This is for two reasons. One is a general shortage of good properties, and secondly our 40 year experience in this industry assures sellers that everything is being done to achieve a sale. We build a campaign in the 2 weeks prior to marketing that ensures large numbers of potential buyers view the property on the first weekend of listing, which generally leads to buyer competition and a most satisfactory sale price for our sellers.
Good luck in 2017 and if I can be of assistance, just call me
Jamie McDonald 0404 85 95 85