Real Estate Market Update - Robina, Gold Coast QLD - January 2021
Most people are very happy to see the back of 2020 and the year was certainly full of surprises, not the least surprising was the property market that confounded most experts and reacted contrary to most predictions by performing very well over the crisis.
Supply - Demand
As always, it is supply and demand that govern prices and supply on the Gold Coast and in Robina has remained very low and is continuing to drop and hence supporting the rise in property prices.
Demand also remains strong, with very large numbers of enquiries for most properties brought to market.
See below the stock graphs for houses and units in Robina and below that the stock graph for all properties on the Gold Coast.
Houses - Robina
House prices started with strong growth at the beginning of 2020 and dropped only marginally during the chaos caused by lockdowns at the beginning of 2020. House prices have recovered and supply is very low with days on market reducing significantly as well, thus price expectations look good for growth over the coming year.
Units - Robina
The median price for units in Robina has also remained surprisingly steady during 2020 and has seen some steady growth over the past few months with days on market remaining steady and stock on market remaining low.
It appears that the low stock levels are helping to support some growth for unit prices in Robina.
Summary
The Robina and Gold Coast property market has thus far been surprisingly resilient to the uncertainty and financial turmoil caused by COVID-19.
It is my opinion that prices have been supported by very low stock levels and low interest rates enabling more buyers to enter the market. Interstate migration has also helped to create demand.
Demand has remained very high with an average of 5 people through each of the 78 open homes held by our office in the month of December.
Our numbers were as follows:
Open Homes - 78
Open Home Attendees - 312
Buyer runs - 61
Total inspections - 373
Offers - 40
These numbers can be favourably compared to what would normally be a good month for the business prior to COVID-19.