THE median house price on the Gold Coast increased 2.1 per cent to $490,000 over the December quarter according to the Real Estate Institute of Queensland (REIQ) median house price report.
A more encouraging figure was the 5 per cent rise over the year.
REIQ Gold Coast zone chair John Newlands said sellers were becoming more realistic with their price expectations which was reflected in sales.
"First-home buyers are slowly starting to emerge back into the marketplace, as are the investors," he said.
"We're seeing multiple parties interested, if the right property is listed at the right price.
"With all the infrastructure happening on the Gold Coast at the moment people are viewing this as a positive step for the region.
"The suburbs that performed relatively well for the quarter were mostly outer suburbs where buyers are price-driven, looking for affordability and value for money."
Those suburbs which posted median increases higher than 2.1 per cent on properties under 2400sq m included Arundel (4.6 per cent to $482,000); Ashmore (4.4 per cent to $475,000); Currumbin Waters (3.4 per cent to $486,000); Highland Park (10.7 per cent to $465,000); Hollywell (11.2 per cent to $643,750); Ormeau (5.1 per cent to $449,500); Pacific Pines (3.9 per cent to $470,000); and Robina (5.8 per cent to $545,000). The Upper Coomera median increased 1.1 per cent to $412,500 while Varsity Lakes rose 1.8 per cent to 487,500.
In order to measure recent performance of the Queensland property market, Queensland Market Monitor records the median sale price by locality and by local government area (LGA) state-wide where sufficient sales numbers are recorded.
Analysts regard the median sale price, defined as “the middle sale taken from all the sales in a locality throughout a specified period” as the most representative figure. Unlike other averages, which can be skewed by very high or very low sales, the median is generally reflective of current market activity.
Am I right to assume REIQ use raw medians? If so what does this mean?
Report Summary Criteria: Map Region (137,354.73 ha) Sale Date: 26/08/2010 to 26/02/2011 Sale Price: Land Size: Any Prop. Type: House Price Area Lowest $100,000 0 m² Highest $5,400,000 5.97 ha Average $614,622 1,222 m² Median $520,000 709 m² Total $778,111,895 154.38 ha # Sales 1266
Sales History 31 HEDGES AV, MERMAID BEACH, QLD 4218 Last Sale Amount: Last Sale Date: Sale Type: Area: Parties Related: $5,400,000 12/02/2011 Agents Advice - Sale 405 m² No $11,150,000 13/03/2008 Normal Sale 405 m² No $9,900,000 15/07/2007 Normal Sale 405 m² No $1,000,000 20/02/1998 Normal Sale 405 m² No
Sales History 247 HEDGES AV, MERMAID BEACH, QLD 4218 Last Sale Amount: Last Sale Date: Sale Type: Area: Parties Related: $5,000,000 28/11/2010 Normal Sale 389 m² No $9,500,000 28/02/2008 Normal Sale 389 m² No $10,250,000 29/09/2007 Normal Sale 389 m² No $5,350,000 13/02/2003 Normal Sale 389 m² No $1,815,000 27/04/1998 Normal Sale 389 m² No
Sales History 102 AMALFI DVE, SURFERS PARADISE, QLD 4217 Last Sale Amount: Last Sale Date: Sale Type: Area: Parties Related: $3,060,000 17/11/2010 Normal Sale 680 m² No $4,050,000 07/03/2008 Normal Sale 680 m² No $1,450,000 28/03/2006 Normal Sale 680 m² No
Sales History 26 DONEGAL CRES, BUNDALL, QLD 4217 Last Sale Amount: Last Sale Date: Sale Type: Area: Parties Related: $2,850,000 31/10/2010 Normal Sale 1,961 m² No $4,725,000 18/04/2007 Normal Sale 1,961 m² No $3,500,000 21/02/2005 Normal Sale 1,961 m² No $1,400,000 12/01/2003 Normal Sale 1,961 m² No $1,200,000 13/12/1990 Normal Sale 1,961 m² No
Sales History 56 MARINE PDE, MIAMI, QLD 4220 Last Sale Amount: Last Sale Date: Sale Type: Area: Parties Related: $2,400,000 13/09/2010 Normal Sale 405 m² No $3,100,000 17/09/2006 Normal Sale 405 m² No $2,650,000 18/07/2005 Normal Sale 405 m² No $480,000 13/09/1994 Normal Sale 405 m² No $205,000 29/01/1985 Normal Sale 405 m² No
Sales History 23 ADMIRALTY DVE, SURFERS PARADISE, QLD 4217 Last Sale Amount: Last Sale Date: Sale Type: Area: Parties Related: $2,050,000 05/01/2011 Normal Sale 731 m² No $2,700,000 31/03/2008 Normal Sale 731 m² No $1,020,000 31/03/2004 Normal Sale 731 m² No $950,000 01/10/2003 Normal Sale 731 m² No $540,000 05/06/2002 Normal Sale 731 m² No $400,000 22/07/1994 Normal Sale 731 m² No $72,000 03/03/1975 Normal Sale 731 m² No
far be it for me to attempt to counter your knowledge base by stating simple fact.. but here we go.
I am driving past the "For Sale" signs on my way to and from work every day... I am talking to those both buying and selling on the gold coast, and I think that I have a good understanding of what is happening here price wise...
There are always a few exceptions, but on the whole, prices have gone back to 2008 levels... possibly lower in some areas of the gold coast.
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
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