Property Prices in Oz

Jul 10th 09
By Di Thompson

Here in Australia, as in much of the rest of the world, there has been a recent slump in the property market. Prices are down as much as 30 percent in some coastal area of Queensland. Now, with historically low interest rates, that means cashed-up captains and crew, who are serious about purchasing a home or an investment property, can pick up a bargain in a great location like the Gold Coast.

What’s more, the Australian government is offering a First Home Owners Grant (FHOG) of AUS $21,000*. Originally set to expire at the end of June, it has been extended by three months until September 30, 2009.

Independent real estate agent Tracie Worth says, “The property market here on the Gold Coast is busy in the low hundreds to mid-six hundreds price range. All types of properties are moving fast. It’s five o’clock on the property market, so set your alarms if you are ready to purchase.”

Property agent Andrew Bell, the CEO of Ray White Surfers Paradise, predicts, “In the next three years, we will see an increase in property prices in all major Australian centers, especially here on the Gold Coast.” He adds, “Recent news released confirms that Australia has not fallen into a technical recession and is one of the five best economies in the western world today. It is well documented that the volume of real estate sales is rising sharply, not only southeast Queensland, but also in the major regional and coastal centers along the northeastern seaboard.”

Broadbeach, Surfers Paradise and Main Beach are all favorite and affordable locations for young professionals to invest in due to their proximity to marinas and to all major Gold Coast attractions. Desirable high-rise apartments with facilities such as a swimming pool, gym, barbecue and tennis court to three-story walkups to brick and tile homes, are all courting strong interest. So the agents recommend that crew put in offers now before the market recovers in the new year.

Current research shows that many vendors are even holding onto their real estate in locations that are showing good market performance.

Spokesperson for Cairns Century 21, Janelle Mancel, says, “The beginning of 2009 figures showed that the housing market slumped by up to thirty percent in some areas of the far north. However, now in the second quarter of the year, the signs of recovery are evident, particularly in the northern beaches and the city centre.”

There are quite a number of bargains still available, but cashed-up yachties need to be quick because they will not last!

The message is clear and it is that real estate is back on the move and with interest rates unlikely to be much more attractive than they are today. Putting off securing your real estate now will only cost you money down the track.

*The Australian Government first homebuyer’s grant of $21,000 is open to Australian tax-paying residents only.







Tags: Essentials Economy 



Rating  Average 0 out of 5

7 Comments
  • Hey Henning we are so far East we are West.
    Posted by yachtone 13/07/2009 13:58:53

  • Wow, BIG NEWS Real Estate agents say now is the time to buy but hurry or you will miss out, never heard that before.
    Posted by yachtone 13/07/2009 13:57:05

  • I lived in Melbourne for a year, Queensland is paradise in comparison LOL...
    Posted by Henning_1 12/07/2009 15:09:54

  • Queensland is not a true reflection on Australia as a whole (not a hole Henning), there are 6 other states to consider here, and some of them are the most overpriced, inflated properties in the world (gauged on annual income per capita in comparison to realestate value per sq m). The majority of Aussies are not cashed up yachties.. so low 100's to mid 600's(fairly broad price range)is not that affordable to your average aussie family, Thank goodness we're too far away for the russian market...
    Posted by Silversurfer 12/07/2009 11:56:38

  • and dropping from what I'm looking at here although they're still way to high, especially along the Gold Coast in places like Surfers Paradise and Southport. My boss who's in the industry there paints a different picture from the one in the OP. Right now you can buy Ferraris and other luxury items at "Bargain Basement" (LOL, as if there is such a thing in Aus) prices.
    Posted by Henning_1 11/07/2009 06:42:52

  • ???? How is Australia part of the Western World????
    Posted by Henning_1 11/07/2009 00:01:47

  • If sales were so active the prices wouldn't be so low!
    Posted by ablonde 11/07/2009 03:41:43

Add Comment

Text Only 2000 character limit