Surfers Paradise rides sales dip
Surfers Paradise is still among the highest-grossing suburbs in Australia despite unit sales dropping by more than 500 properties.
Sales in 2010 totaled more than $475 million, according to an end-of-year report released by RP Data.
In Surfers Paradise this year, 1001 units were sold for a median price of $376,000.
Last year, 1595 units sold with the same median price.
It followed top-ranking suburb Melbourne city, with 1769 sales totaling $908 million at a median of $411,000, but beat Sydney city, Southbank, Manly and Brisbane city.
Real Estate Institute of Queensland Gold Coast chair John Newlands said aside from Surfers, sales across the city were poor.
Sales were stronger in the first six months of 2010, and then fell when interest rates increased, before recovering a little in November and December, he said.
"People have worked out that the market is the market," Mr Newlands said. "Sellers have accepted prices and those who haven’t have decided not to sell."
Hollywell also placed well nationally, ranking seventh for the highest median unit prices.
The RP Data report showed 33 sales at a median of $900,000
.