Property roller coaster not over yet
THE Gold Coast property market is riding a rollercoaster controlled by interest rates and valuer’s and the ride will not be coming to a stop anytime soon.
Real Estate Institute of Queensland's September quarterly report reveals dramatic increases and decreases in unit and townhouse prices across the region.
The average change in price for the city during the quarter was a drop of 3.6 per cent.
Hardest hit was Merrimac where prices dropped a staggering 54 per cent, while Runaway Bay had the highest increase of 24.5 per cent.
Landmark White director and property valuer John Muchall said significant rises or falls in a quarterly report could signify "just a handful of good or bad sales".
"The market has been turbulent in the past few months -- especially after the latest interest rate rise," he said.
"People don't want to buy right now, there is no confidence in the market.
"Prices are down because there is no demand and it will be a case of 'wait-and-see' to find out if 2011 will be any better.
"A January interest rate rise could push the market into an even bigger downward spiral."
Meanwhile Real Estate Institute of Queensland Gold Coast zone chairman John Newlands said the annual report card for the Coast showed a brighter outcome.
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