Gold Coast tops Australia for property transactions this year

Sep 2021Karen Millers

A new report from Domain has listed the top 20 suburbs across Australia for property transactions, with the Gold Coast’s Surfers Paradise taking the top spot.

The Domain House Price Report reinforced the tree change trend that has been dominating the housing market over the past year.

The Surfers Paradise unit market had the largest volume of property transactions in the year to June, at 2,325, with nearby Southport (984) and Broadbeach (859) also landing in the top 20.

There was also a strong turnover of units in nearby Southport (at 984) and Broadbeach (at 859).

Suburbs Ranked by Sale Volume

State Suburb  Property  Sale Volume Median  Annual Change
QLD Surfers Paradise Unit 2325 $425,000 8.3%
VIC Melbourne Unit 1210 $542,500 -1.4%
VIC Point Cook House 1154 $685,000 6.2%
VIC Craigieburn House 1088 $592,000 4.0%
NSW Port Macquarie House 1026 $620,000 11.2%
VIC Pakenham House 1025 $574,000 4.7%
NSW Orange House 998 $525,000 20.7%
QLD Southport Unit 984 $385,000 6.9%
VIC Tarneit House 969 $575,000 3.6%
VIC Berwick House 925 $745,000 8.0%
QLD Broadbeach Unit 859 $615,000 5.1%
SA Adelaide Unit 838 $535,000 11.6%
NSW Dubbo House 837 $410,000 10.8%
WA Baldivis House 802 $408,000 11.8%
VIC Mildura House 783 $350,000 7.7%
VIC Werribee House 781 $540,000 5.3%
QLD Maroochydore Unit 775 $550,000 12.0%
QLD Buderim House 761 $820,000 19.4%
VIC Traralgon House 757 $365,000 9.4%
NSW Wollongong Unit 737 $599,000 2.4%

Source: Domain

Ray White Surfers Paradise Chief Executive Andrew Bell told Savings.com.au that the initial fear caused by COVID saw many owners put their properties on the market due to job uncertainty.

“There were a lot of people worried about their jobs and their own financial position. So it was no surprise to see quite a few people put their apartments on the market for sale,” Mr Bell said.

“At the same time, we got this sudden surge of migration from down south from people escaping built up areas.

“Supply of properties came on the market, and an equal, if not greater amount of demand from people coming up, that’s why the volume of sales occurred.”

Mr Bell said that the Gold Coast is still possibly yet to reach its peak.

“We won’t know until the borders are fully open. Then when borders open internationally, we will see how the world reacts. I suspect international buyers will look to Australia and New Zealand as a sort of safe haven,” he said.

Mr Bell also told Savings.com.au that not just Surfers Paradise is experiencing the boom.

“All up and down the coast, suburbs are recording record sale prices and high volumes.

On the Sunshine Coast, Maroochydore and Buderim experienced 12% and 19% annual increase in sales volume respectively.

Further south, Orange in NSW increased by more than 20% in the past year.

The Queensland boom was also littered with investors.

The latest PIPA report found that almost 60% of investors ranked Queensland as ‘best’ for investors, coinciding with a regional boom over the past twelve months.

 

Aaron Bell, Savings.com.au, 21 September 2021
https://www.savings.com.au/news/gold-coast-property-transactions

 

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