Isn’t it terrible that a property dropped from $1.55 million to $381 thousands in 7 years from the owner’s point of view? However, isn’t it wonderful news for investors who are looking for bargains?
With an oversupply of listed homes to chose from, weak auction clearance rates and sellers keen to offload investment properties, the Gold Coast is proving to be the place to find a bargain.
It’s a buyer’s market on the Gold Coast to be sure, and anyone looking for a property in the next few months is likely to be in a strong negotiating position.
Take Kris Caris for example, who has just bought back her family’s Gold Coast holiday home for just $381,000, after it had been sold for $1.55 million at the height of the property boom several years earlier, reported the Gold Coast Bulletin.
Gold Coast prices doubled between 2000 and 2007. However this in many cases left property overvalued and oversupplied, and since 2007 prices have been falling. As 2008 rolled around the tides turned and in the next 2 years the Gold Coast’s prices fell 8%.
Although there is no forecast on Gold Coast property market, the 12-month price forecasts for Australia’s capital city housing markets – Brisbane can be used as a reference.