Property Market Update - Varsity Lakes, Gold Coast - 25 July 2018
Houses - Varsity Lakes
The following is the growth chart for houses in Varsity Lakes. The suburb is certainly bucking the trend compared to most other suburbs on the Gold Coast. The average price of homes has gone up 4.1% for sales that have taken place since the beginning of the year and is up 1.1% compared to the previous twelve months sales. One must keep in mind, however, that there has only been 55 sales recorded so far this year.
The days on market still remains remains relatively low, as compared to the past five years, however, there has been a slight increase over the past few months.
Units - Varsity Lakes
The following is the growth chart for units in Varsity Lakes. After 5 years of price growth, it looks like the market is moving into negative territory. There was a full year increase of only 0.3% in 2017 and a decline for the year so far of -0.8%. The 12 month average price, year on year, is down -0.4%.
Days on market still remains significantly lower than 5 years ago with vendor discount also remaining much lower. These figures do stand in contrast to the declining average unit prices of late.