FRUSTRATED buyers on the Gold Coast are experiencing a slight reprieve in the property market with an increase in real estate listings but it’s still sellers who have the upper hand.
New listings on the Coast jumped 13.8 per cent in September compared to August, according to REA Group’s PropTrack Listings Report October 2021.
However the Glitter Strip’s total number of listings are still 29.1 per cent lower than they were 12 months ago.
“Buyers searching on the Gold Coast enjoyed a strong increase in new supply in September,” PropTrack economist Angus Moore said.
“Nonetheless, conditions for buyers on the Gold Coast remain tough.
“This is consistent with conditions outside capital cities across much of the country, where the shift to regional areas that has occurred during Covid has seen buyers snap up available supply.”
REIQ Gold Coast zone chairman Andrew Henderson said while stock levels had slightly increased, it was not enough to meet demand.
“A lot of people want to sell but they are not able to secure a property to purchase hence it delays them putting their existing home on the market,” Mr Henderson said.
“A vast majority of properties for sale are from the investor pool as they’ve seen good price growth and are taking the opportunity to case in on that and the high levels of sales prices being achieved.”
He urged buyers to do their research and educate themselves on the property market.
“Persistence is the key,” Mr Henderson said.
“Historically the Gold Coast sees good stock levels in January so hopefully history follows and we see higher stock levels come in over the new year.”
Harcourts Coastal agent Tolemy Stevens said across the beachfront, stock levels were the lowest he had seen in 15 years.
“The demand is currently outstripping the supply anywhere from three to one,” Mr Stevens aid.
“A lot of owners aren’t interested in selling as they know they have a beautiful piece of real estate in a popular location and want to be able to enjoy it themselves.”
“Sometimes money isn’t first; it’s lifestyle and enjoying time with friends and family instead of cashing in a property.”
He said with such tight stock levels, buyers needed to be ahead of their competition.
“You really do need to move fast and secure the property before it actively hits the internet or get in before the first open home,” he said.
“It’s quite scary that in four to six weeks we’re going to have anyone that is eligible from Sydney and Melbourne racing to the Gold Coast to secure real estate and enjoy the beautiful lifestyle on offer. I feel like we will get a second surge in sales.”
Across the country, new listings increased 22.5 per cent month-on-month in September.