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What to Expect of the Gold Coast Property Market in 2023

CEO Khai Intela
One week into the new year and anyone thinking of selling or buying is wondering what is in store for the property market in 2023. Industry commentators have so far remained relatively reserved on the...

One week into the new year and anyone thinking of selling or buying is wondering what is in store for the property market in 2023.

Industry commentators have so far remained relatively reserved on the subject, but outside of another global catastrophe, early signs indicate that Gold Coast property will remain resilient this year.

A market correction in 2022 was inevitable following the highs of the pandemic, yet CoreLogic data shows that regional house prices still managed to end the year in the black, registering 1.9 percent annual growth.

What is more significant is that median house prices remain 32.2 percent above pre-Covid levels, leaving existing homeowners with plenty of scope to achieve healthy capital gain if selling in 2023.

Gold Coast Prestige Properties Continue to Thrive

Gold Coast prestige properties outperformed the wider market last year, a trend which is expected to be maintained throughout this year, buoyed by strong buyer appetite and continued high levels of interstate and international migration to the region.

Despite the potential for further interest rate rises as early as February, low stock levels, particularly in the prestige sector, which kept prices strong in the region last year, is not expected to alter significantly.

Demand continues to outweigh supply and those bringing quality homes in sought-after locations to market in 2023 can expect to achieve premium market prices.

UNIT 2702/272 HEDGES AVENUE | Kollosche UNIT 2702/272 HEDGES AVENUE | Kollosche

The high demand for luxury homes was evident throughout the final days of December when sales agents Michael Kollosche and Harry Kakavas, in conjunction with Rob Lamb, secured $9,200,000 for a two-level sky home in the landmark 272 Hedges building in Mermaid Beach.

Also in prestigious Mermaid Beach on the cusp of the new year, Michael and Eoghan Murphy sold 1/8 Albatross Avenue for $2,850,000. The four-bedroom villa is meters from the beachfront and in proximity to the vibrant Nobby’s precinct.

Emerging Trends in 2023

Demand for new or newly completed homes will continue to trend upwards in 2023. Yet with stock along popular beachfront and central waterfront locales difficult to find, high-quality homes in good locations in less traditional, or ‘bridesmaid' suburbs, are gaining traction among buyers.

3 KOOTINGAL STREET | Kollosche 3 KOOTINGAL STREET | Kollosche

Being auctioned this month is an immaculate seven-bedroom home at 3 Kootingal Street, Ashmore, which has hosted Tom Hanks, Baz Luhrmann, and Elon Musk. The beautifully appointed architectural home located on a quiet, private stretch of Main River will go under the hammer on 20 January at 10 am and is being marketed through Michael Kollosche and Harry Kakavas.

An Asian-inspired home at 64 Cabana Boulevard in Benowa Waters, conceived by award-winning designer Reece Keil and with the amenities of a six-star resort, will also go under the hammer this month. Located on Main River and marketed by sales agents Daniel Sharp, Michael Kollosche, and Brad Coyne, the auction will take place onsite on 27 January at 2 pm.

Conclusion

In conclusion, the Gold Coast property market is poised for another strong year in 2023. Despite the challenges brought by the pandemic, the market has proven its resilience and continues to attract buyers with its prestige properties and desirable locations. Whether you are looking to sell or buy, it is advisable to engage experienced agents who can guide you through the market and help you achieve your property goals.

If you are thinking of selling or buying in 2023, reach out to one of our experienced agents for a conversation around your property goals.

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