Gold Coast properties still taking nearly six months to sell: APM

Gold Coast properties still taking nearly six months to sell: APM
Gold Coast properties still taking nearly six months to sell: APM

There has been some pick-up in the Gold Coast property market, but it still takes almost six months on average to sell a residential property, according to the latest market update from Australian Property Monitors (APM).

Average days on market on the Gold Coast have reduced from 184 a year ago to 173 as of February 2013 - the long-term average is 130 days.

The average discount required to sell a property has also reduced marginally from 11.6% to 10.3% and is approaching the long-term average of 9.7%

According to APM, there are 11,000 properties listed for sale on the  Gold Coast, nearly 20% less than a year ago, but still 1.5% higher than the long-term trend.

"High levels of unsold properties will remain a drag on a sustained Gold Coast housing market revival in 2013," says APM.

"This is particularly the case for the unit market, which continues to suffer from high listing numbers with prices down by 1.6% over the December quarter and down 7% over 2012.

"The local economy however is doing its part, with the latest unemployment rate recorded by the ABS over January at 5.8% compared to the 6.7% of January 2012.

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Larry Schlesinger

Larry Schlesinger

Larry Schlesinger was a property writer at Property Observer

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