With the news reporting significant declines in property markets in a number of our capital cities, it has led many local property owners, with whom I have had conversations, to believe that the local market has been negatively impacted as well.The reality is not that simple though.

Houses

Looking at the numbers the market can best be described as "flat", that is, tracking sideways for the past few months. Home owners can still expect to achieve on average 3.3% more for their homes than if they had gone to market one year ago (see the Sales Statistics graph below).

Days on market has also remained steady at levels significantly lower than 5 years ago (see graph below).

I believe that house prices are being supported by the continuing low stock levels and steady demand from buyers and thus the supply/demand equation still favours sellers in the suburb (see "Stock Levels" graph below).

Units

Robina unit prices continue to move sideways as they have for the past 10 years. We have seen a slight decrease in the average sale price for units of -0.9%, for the first few months of 2018 (exactly the same as the last report I sent) and a slight increase in Days on Market for the past 6 months, however, the year on year growth is still up 2.7%. Stock levels continue to increase, but is still not at the higher levels of late 2017.