Properties are selling quickly across the Gold Coast
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Properties are selling quickly across the Gold Coast
Properties are selling quickly across the Gold Coast with intense competition from;
- Young couples trying to secure a home as their nest-egg.
- People of all ages and demographics migrating from the southern states.
- Homeowners shifting from Apartments to Houses.
- Owner occupiers migrating from City to Regional locations.
- Downsizers shifting from Houses to Apartments but predominantly Apartments in “Residential-Only” Buildings and Complexes.
Properties are being swamped by enquiries as soon as they are listed for sale, with Auctions being the favoured form due to the difficulty in nominating a valuation price in such a rapidly escalating market.
A sad factor is young people on the lower side of the financial equations are missing out to older or wealthier Buyers which I feel is sadly unfair and something must be done to help our young Australians.
It is quite disturbing to witness the frenzy surrounding todays property market on the Gold Coast, as property prices have risen at their fastest pace in 32 years, and the powers that be refuse to bring this madness under control.
The Australian Prudential Regulatory Authority (APRA) chairman Wayne Byers, who is head of the banking regulator, said it wasn't his job to ensure housing was affordable. His mandate was to protect the integrity of the banking system.
Wayne Byers from APRA and Phil Lowe from the RBA both insist they will keep a close gauge on lending standards and are prepared to take action if the situation deteriorates.
Other booms have been driven by local and foreign investors, but today’s boom is driven by owner-occupiers, with lending in housing surging by almost 49% in the year to February, and with interest rates at record lows of four-year fixed rates below 1.9%
Combine this with both Federal and State Governments programs encouraging new entrants to the property market, we can well expect this boom to continue for a while longer into the future, but how long is the big question?