West Gold Coast prices to flatline in 2017: HTW
Prices will remain steady for at least the first half of 2017 in western Gold Coast areas primarily due to low interest rates and limited stock levels, according to HTW’s February 2017 update.
The valuation firm says agents continue to report low levels of available stock and vendors being unsure when to list their property as they try to pick the top of the market.
Due to strong demand, the $450,000 to $650,000 dwelling market in Carrara, Nerang, Oxenford, Pacific Pines and Maudsland will be worth watching to see if prices increase albeit mildly, HTW says.
A four bedroom house at 16 Austral Crescent, Pacific Pines (above) was recently sold for $552,000.
Similarly a four bedroom house at 21 Silver Dawn Crescent, Oxenford (below) was recently sold for $490,000.
Equally the $300,000 to $450,000 townhouse, villa and duplex market in Oxenford, Pacific Pines and Maudsland is expected to remain strong.
“Carrara and Nerang are generating interest due to infrastructure being constructed for the Commonwealth Games,” the report says.
“The suburbs of Oxenford, Pacific Pines and Maudsland continue to benefit from additional and improved roads and commercial development adding greater convenience and amenity for residents.”
However other areas of the region continue to struggle. The rural residential markets in and around Tamborine and Beaudesert continue to experience steady rates of sale although prices have not increased greatly.
“Lifestyle and additional employment opportunities in and around these areas continue to underpin demand,” HTW says.
“Older pockets of Nerang and Highland Park remain comparatively affordable due to perceived social stigma and proximity to train lines and the M1 motorway.
“As always the higher price point dwelling and rural residential properties over $850,000 that saw sharp rises over the previous one to two years ought to tracked to ensure that value levels are sustained. Land values should also be tracked.”
The firm says that stock levels will be the main issue for 2017 in the region.
“It is expected however that values and confidence will remain steady provided no significant fluctuations in interest rates or unemployment occur.
“Growth as witnessed in 2015 and 2016 is not expected.”