Real Estate Market Update - Carrara, 27 November 2018
The end of the year is fast approaching and this has certainly been an interesting year for the property market. With significant decreases in both Sydney and Melbourne, most people are wondering what will happen in the future and how this will effect the property market on the Gold Coast.
The reality, I believe, is that no one can predict the property market. All we can do is look at the state of the current market and make decisions based on this.
This being said, I have included in this report the "property clock" from the November 2018 market report of Herron Todd White. They are one of the largest property valuation companies in the country and this "clock" is their take on where different cities are currently in the property price cycle.
Houses - Carrara
Looking at the numbers below, the market remains relatively flat for the year. There is not much change in prices from my report of two months ago.
Days on market does seem to be creeping up slowly but is still significantly lower than around 2011 (see graph below).
Percentage of stock on market (supply) for houses has been rising since the beginning of 2017.
Days on Market - HOUSES
% of stock on market - HOUSES
Units - Carrara
Carrara unit prices have declined significantly this year, down -6.4% since the beginning of the year.This is similar to my report of two months ago.
Days on market has also increased and percentage of stock (supply) on market has also increased sharply over recent months.
Days on Market - UNITS
% of stock on market - UNITS
Summary
Carrara house prices seem to be going through a year of price consolidation after 5 years of steady growth.
Units in Carrara, however, have declined significantly and the "supply" seems to still be increasing which does increase the risk for further declines.
There is definitely a shift on the market this year, but whether this leads to a longer term downturn in the local market is still too early to determine.
Herron Todd White are predicting this to be the start of a declining market on the Gold Coast.