Real Estate Market Update - Robina and the Gold Coast QLD - February 2024
The property market is extremely vibrant at the moment on the Gold Coast!
Stock levels remain at record lows and the number of buyers through our open homes has increased dramatically in the past few weeks, to the level it was at the peak of the price increases during the "covid" market.
The graph of Supply, Demand and Price superimposed on the same timeline, highlights quite clearly the market forces at play. ( see below )
Supply and Demand
Supply on the Gold Coast continues to remain incredibly low, going lower than at the peak of price increases towards the end of 2021.
Demand has also made a significant jump in the past few weeks, with the number of buyers through our open homes jumping up to levels last seen during 2021, with an average of over 11 groups through each of our open homes.
The combination of very low stock levels and extremely high numbers of buyers is sure to put upwards pressure on prices in the shorter term and is certainly reflected in the medium price graph in Robina.
Below are the stock level graphs for houses and units in Robina and the Gold Coast. I use Robina as an example as it is a very large and stable suburb and is generally indicative of trends on the Gold Coast as a whole.
Stock levels for houses and apartments in Varsity Lakes, Gold Coast in Queensland
Property stock levels in the Gold Coast, Queensland
Houses - Robina
The median value for houses in Robina starting dropping in June 2022, bottomed out in January 2023 and has been increasing since the beginning of 2023. This price growth has accelerated in recent months due to low stock levels and increased buyer activity.
The number of days on the market was rising since December 2022, however, this trend has reversed in recent months.
The volume of sales still remains low due to the low numbers of stock coming to market.
Median House prices over 10 years in Robina, Gold Coast QLD
Median House prices over 1 year in Robina, Gold Coast QLD
Median days on market for houses over 10 years in Robina, Gold Coast QLD
Median percentage stock on market for houses over 10 years in Robina, Gold Coast QLD
Number of sales for houses over 10 years in Robina, Gold Coast QLD
Units - Robina
The median value for units in Robina started dropping in October 2022, and bottomed out in February 2023 and has been steadily increasing since then and is now at an all time high.
The number of days on the market has been increasing but is still historically very low. Stock levels are also remaining extremely low and this is supporting the record price levels.
Median value for units over 10 years in Robina, Gold Coast QLD
Median value for units over 1 year in Robina, Gold Coast QLD
Median days on market for units over 10 years in Robina, Gold Coast QLD
Median percent stock on market for units over 10 years in Robina, Gold Coast QLD
Number of sales for units over 10 years in Robina, Gold Coast QLD
Summary
The Gold Coast property market continues to show price growth despite continuous high interest rates. It is evident from the graphs above that low stock levels is the overriding factor influencing price and high buyer demand seems to be coming into play of late to drive prices up further.
The average number of buyers through each of our open homes has increased significantly over the past few weeks and it will be interesting to see if this will result in further price increases.
Below is a graph showing the average number of inspections per open home per month (for Ray White Robina), since July 2019. This graph represents the "demand" within the market.
Average inspections per open home within Ray White Robina office till February 2024