Gold Coast time on market drops slightly to 225 days: APM

The Gold Coast has dropped from its recent high of 239 average days on the market in March to 225 days in April, in the latest Australian Property Monitors table of time on market.

Property Observer has found some recent sales that experienced a lengthy time on the market and a typically big drop on their original asking prices.

A two-bedroom, two-bathroom unit on West Burleigh Road Burleigh Heads sat on the market for 226 days before selling on March 25.

The unit sold for $314,000 although it had a listing price of $319,000.

The property (picture below) sold in March last year for $379,000 after only sitting on the market for 60 days.

A unit on Gold Coast Highway in Burleigh Heads sold on March 13 for $320,000 after 162 days on the market.

The two-bedroom, one-bathroom unit (picutred below) was originally listed for $335,000 in September last year, after being purchased in May 2010 for $341,000.

Prd Nationwide Burleigh Heads closed both these sales.

A three-bedroom, two-bathroom property (pictured below) on Vatakoula Parade in Mermaid Waters sold at auction on April 21 for $626,000 after 238 days on the market.

Mycheal Carter of Professionals Broadbeach Mike Carter Real Estate closed the sale.

It was originally listed for normal sale in August last year with an asking price of $750,000.

The price was revaluated in February to $695,000 however sold at auction for much lower than this.

Canberra currently has the shortest average time on market at 70 days.

Source: Australian Property Monitors

Gold Coast’s average discount rate for property has increased over April to 13.3% from 10.1% in March.

It is the highest discount rate since June 2012 where it was also 13.3%.

Sydney increased slightly to an average discount of 5.4% in April from 4.9% in March.

Melbourne and Perth both increased by 0.3% however Brisbane, Adelaide and Canberra recorded a lower discount rate in April.

Canberra had the lowest discount rate at 3.9%.