Real Estate Market Update - Robina and the Gold Coast QLD - October 2023
With so much change in the property market over the past 3 years we are currently seeing a stabilisation of price, with prices trending sideways for the past few months in most suburbs.
Stock levels remain low and for the time being, this seems to be balancing the downward pressure of the high interest rates.
I have created a new graphic with the graphs of Supply, Demand and Price superimposed on the same timeline, highlighting the relationship between the market forces and price. (see below )
Supply and Demand
Supply on the Gold Coast continues to remain incredibly low. Even with the continued increase in days on market, which in itself should increase the number of properties on the market, the number of properties for sale continues to remain historically low. This puts upwards pressure on prices with buyers chasing very few properties.
Demand has come down over the past 2 months and this may be the factor that has seen prices stabilise rather than continue to increase as they did at the beginning of the year. (see my summary at the end)
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 the Gold Coast as a whole.
Houses - Robina
The median value for houses in Robina starting dropping in June 2022, and bottomed out in January 2023 and has been increasing this year but is now showing signs of levelling off.
The number of days on the market has been steadily rising since December 2022, however, the stock levels remain very low.
Units - Robina
The median value for units in Robina started dropping in October 2022, and bottomed out in February 2023 and has been slowly increasing since then and is in fact 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 very low and still declining which is what is supporting the record price levels.
Summary
The Gold Coast property market continues to show surprising resilience to the continuous high interest rates. The low stock levels continue to keep an upward pressure on prices.
The average number of buyers through each of our open homes has decreased significantly over the past 2 months. This may be what has led to a stabilisation of prices.
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 September 2023