Competition for Gold Coast real estate is the hottest it has been in more than a decade with properties across the city reportedly being snapped up within days of hitting the market.
Agents across the Coast are reporting record attendance at open homes and auctions with multiple offers being made on quality properties in sought-after suburbs.
CoreLogic data shows the fastest-selling suburb is Pacific Pines where properties are changing hands 24 days faster in the three months to June than last year, with an average 21 days on market.
A five-bedroom house at 25 White Cap Close, Pacific Pines sold for $750,000 within 28 days on market.
Houses in Burleigh Heads are being snapped up in 23 days – 24 days faster than in 2019 – while the average days on market in Mudgeeraba was 25 – 11 days less than last year.
The super hot southern suburbs of Palm Beach and Tugun also featured in the top 10, while homes in Broadbeach Waters and Mermaid Waters are also selling quickly.
Leading buyer’s agent Jordan Navybox, managing director of Cohen Handler, said the Gold Coast market was the hottest he had seen since 2007.
He said his firm had seen a surge in requests from frustrated and desperate buyers asking for assistance to find a property and negotiate a sale.
“We’re hearing from lots of buyers who are missing out on properties in multiple offer scenarios or at auctions where there are 15-20 registered bidders,” he said.
A 1930s cottage at 50 Ewart St, Burleigh Heads sold for $1.35 million at auction following a 25-day campaign.
Mr Navybox said sale prices had jumped 10 per cent since COVID struck, which was catching out buyers who were basing offers on outdated prices.
“A lot of people use sales from six months ago, but property prices on the Gold Coast have increased by 10 per cent since the start of COVID,” he said.
“Buyers should be basing their price research on sales in the last 30-60 days.”
For those buyers wanting to get some skin in the game, the number one tip is to avoid a situation where you’re competing with multiple buyers.
“When you see a property come on the market that you like the look of, ring the agent and ask if you can see it privately that day,” Mr Navybox said.
“There are going to be 25 other buyers there on a Saturday, get in before them.”
A designer new build at 3 Lagoon Way, Mudgeeraba sold for $4.6 million within a week of being listed.
When it comes to auctions, Mr Navybox advises asking if the seller is in a position to sell today and start negotiations ahead of the auction.
“Waiting until the auction allows the agent three to four extra weeks to gather interest,” he said.
“Turning up at auction with your hand in the air puts you up against the competition.”
Buying in a hot market required different strategies, Mr Navybox added, with buyers advised to be guided by what the selling agent was telling you.
“If the agent says there are multiple offers on the table, in this market they probably are,” he said.
“When a property is listed for offers over on the Gold Coast, nine times out of 10 it will sell for over that price.”
Top 10 fastest selling Gold Coast suburbs
(Suburb / days on market 2020 / 2019)
Pacific Pines 21 (45)
Burleigh Heads 23 (47)
Mudgeeraba 25 (36)
Worongary 25 (45)
Palm Beach 27 (37)
Tugun 31 (38)
Broadbeach Waters 32 (56)
Highland Park 32 (30)
Elanora 33 (48)
Mermaid Waters 35 (65)
* Source: Core Logic April-June 2020
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