Gold Coast Central North property market sees dramatic decrease in demand for medium rise apartments: HTW residential

Most investors appear to be acutely aware of the current interest rate and predictions of it being on the decline, according to a recent Herron Todd White (HTW) residential report. 

The HTW report suggests this has put a positive slant on the Gold Coast Central North local market. Another positive is the general optimism in the national economy, however this is now very fluid due to the Coronavirus pandemic, with some local agents reporting a fall in enquiries.

"A major factor on the Gold Coast is the perceived low values of properties compared to the capital cities such as Melbourne and Sydney and overseas markets," the valuation firm said. 

A major local influence on the Gold Coast has always been proximity to water, whether beach, broadwater, river, lake or canal.

Secondary location factors are proximity to the perceived better schools, commercial precincts and public transport corridors such as proximity to the new light rail or access to M1 motorway, the report noted. 

First home buyers are most influenced by budget and need for compromise. Many are buying small lowrise units in the older areas such as Southport or driven to the north-west corridor developing area. Upgraders are driven more by location (i.e. water locations).

A first floor apartment situated in the heart of Southport has recently been sold for $240,000. 

The 9/14 Rose Street home (pictured below) was last sold in 2013 for $299,000.

It comes with one bedroom, one bathroom, modern kitchen and outdoor balcony. 

Empty nesters are usually seeking smaller dwellings in locations with good proximity to health services and established commercial precincts.