Sam Tahana Property July Magazine

Suburb Stats for last month in June Projection for the Next Month

Broadbeach Waters Statistics:

Properties sold in June in Broadbeach Waters - 7

Properties listed so far in June – 14

Broadbeach Waters Average Days On Market – 53

Median Price - $1 960,000

Mermaid Waters Statistics:

Properties sold in June in Mermaid Waters - 16

Properties listed so far in June – 26

Mermaid Waters Average Days On Market – 47

Median Price - $1 600,500

Sorrento | Bundall:

Properties sold in June in Sorrento / Bundall - 7

Properties listed so far in June – 17

Sorrento / Bundall Average Days On Market – 38

Median Price - $1 790,000

Benowa Waters | Benowa:

Properties sold in June in Benowa Waters | Benowa - 6

Properties listed so far in June – 21

Benowa Waters | Benowa Average Days On Market – 55

Median Price - $1 500,000

Based on the statistics for Broadbeach Waters, Mermaid Waters, Sorrento/ Bundall, and Benowa Waters/ Benowa, the following projection can be made for the next month:

Property Prices: Given the stability observed in the current property market, it is likely that property prices will remain relatively unchanged in the coming month The median prices for each area provide a benchmark, with Broadbeach Waters at $1 960,000, Mermaid Waters at $1,600,500, Sorrento/Bundall at $1,790,000, and Benowa Waters/Benowa at $1,500,000 These figures indicate the prevailing market value and can serve as a reference for potential buyers and sellers

Rental Market: With low stock levels persisting across the board, it is anticipated that rental prices may experience a slight increase in the coming month Limited supply and sustained demand can drive up rent as tenants compete for available properties Landlords should consider reviewing rental rates to align with market trends and maximize returns, while tenants may need to budget for potential rent increases

Interest Rates: I expect interest rates may pause due to multiple increases It is crucial for borrowers, whether homeowners or investors, to anticipate these changes and consider their potential impact on mortgage repayments and overall affordability Staying informed and seeking professional financial advice can help individuals adapt their strategies accordingly

Stock Levels: The statistics indicate that stock levels remain low across the mentioned areas, with varying numbers of properties listed in June Broadbeach Waters has 14 listings, Mermaid Waters has 26 listings, Sorrento/Bundall has 17 listings, and Benowa Waters/Benowa has 21 listings The continued low stock levels can contribute to stable property prices and sustained buyer competition

Conclusion: Considering the current trends in the property market and the provided statistics, the projection for the next month suggests that property prices will likely remain stable Rental prices may experience a slight increase due to limited stock levels and high demand It is also expected that interest rates will increase again by Tuesday, the 4th of July Lastly, low stock levels are anticipated to persist across Broadbeach Waters, Mermaid Waters, Sorrento/Bundall, and Benowa Waters/Benowa As always, it is important to monitor market conditions closely and seek professional advice to make informed decisions in the ever-changing property market

Top Sales

42 Merrimac Boulevard, BROADBEACH WATERS

68 Waitomo Street, BROADBEACH WATERS

58 River Crescent, BROADBEACH WATERS

Moomba Court, SORRENTO

41 BLAIR ATHOL CRESCENT, SORRENTO

61 Blair Athol Crescent, SORRENTO

Avanti Street, MERMAID WATERS

Port Drive,, MERMAID WATERS

23 Firmin Court, MERMAID WATERS

7 Aldrin Avenue, BENOWA WATERS

159 SIR BRUCE SMALL BLVD, BENOWA WATERS

1013 Lakeview Street, BENOWA WATERS

Local News

A housing development project worth $1 5 billion has been granted approval, marking a significant transformation of one of the Gold Coast's few remaining undeveloped areas The Gold Coast City Council has given the green light to Lewis Land Group's Harbour Shores masterplanned precinct in Biggera Waters Spanning 16 hectares along 1 5 kilometers of canal-front, this site will soon house over 2,000 homes and accommodate nearly 5,000 residents The project includes the construction of 30 buildings ranging from two to 12 levels

Matthew McCarron, the CEO of Lewis Land Group, expressed the company's plan to expedite the project's launch before Christmas to alleviate the pressure on the city's housing market McCarron stated, "The approval of the masterplan signifies the final stage of the planning process, and we aim to accelerate the release of apartments and waterfront villas For Harbour Shores, we have collaborated with leading Australian architects and urban planners to design a community that harmonizes with its surroundings, enhances the architectural landscape, and contributes to the city's lifestyle for years to come "

Over the next decade, the development will introduce more than 2,000 residences, communal open spaces, parklands, a waterfront boardwalk, private marina berths, as well as retail and commercial areas Resident amenities will include rooftop and lagoon-style pools, tennis courts, and clubhouse facilities The construction phase is expected to generate over 5,000 jobs

Lewis Land Group, known for building the nearby Harbour Town Shopping Centre in the 1990s, is committed to making the residential precinct environmentally friendly McCarron highlighted, "Over 54 percent of the masterplan area is dedicated to open green spaces, landscaping, and communal areas, and the community will also maximize its connection with Harbour Town Premium Outlets and the extensive waterfront "

This announcement follows a recent report by CBRE, a leading national real estate firm, which revealed that the proposed housing developments on the Gold Coast are insufficient to address the city's accommodation crisis In 2022, while the number of dwellings increased by 1 222 the population grew by over 14 000 people or approximately 6 000 households The report warns of growing pressure on both renters and buyers

In response to these challenges, veteran developer Bob Ell has called for collaboration between different levels of government to overcome environmental red tape hindering his projects in Coomera, Cobaki Lakes, and King's Forrest Ell, with over 50 years of experience in the industry, claims he could bring around 16,000 houses and units to the Gold Coast and Tweed markets "immediately "

Artist impression of the Harbour Shores development at Biggera Waters on the Gold Coast by Lewis Land Group. Picture: Supplied

Local News

In the 2022/23 financial year, a magnificent mansion located in Surfers Paradise has taken the crown as the most expensive real estate deal on the Gold Coast, selling for a staggering $19 3 million Known as North Point and situated at 91 Commodore Drive, this glamorous property surpassed all other sales in the area's exclusive waterfront enclaves, collectively generating close to $150 million for the sellers

Amir Mian, from Amir Prestige Group, facilitated the sale of this five-bedroom, seven-bathroom home in Paradise Waters, which was constructed in 2016 by Dr Zelle Pullich on a coveted 1,570 square meter plot Mr Mian highlighted the resilience of the prestige property market throughout the year, driven by a scarcity of luxury homes and significant interstate migration, unaffected by rising interest rates

"The Gold Coast continues to attract numerous individuals," stated Mr Mian "There is a strong desire for our stunning beaches, picturesque hinterland, boating lifestyle, and golfing opportunities " He added that while there is still a considerable number of local buyers, the primary challenge lies in the limited availability of properties for sale

Mr Mian observed a growing acceptance among buyers to pay a premium for turnkey homes, especially considering the increased construction costs, which now align with those in Melbourne and Sydney "The market is gradually acknowledging this fact and becoming more willing to pay the higher prices," he

91 Commodore Drive, Paradise Waters

Sale Price: $19 3 million Seller: Zelle Pullich Buyer: Undisclosed

This impressive mansion, known as North Point, is situated in Surfers Paradise and was built by Dr Zelle Pullich in 2016 Recently, it was sold to a local buyer, and the deal is expected to be finalized in September Designed by renowned architect Jared Poole, the house occupies a prime riverfront location, which has been in the vendor's family since 2007 when Dr Pullich's father-in-law, the prominent property developer Peter Puljich, acquired it for $5 7 million

Navigating the Property Market Amid 12 Interest Rate Rises by the RBA

The property market is a dynamic sector that experiences fluctuations influenced by various factors, one of which is the interest rates set by the Reserve Bank of Australia (RBA) Recently, the RBA has implemented a series of interest rate increases, with 13 consecutive rises over a period of time In this article, we will delve into the implications of these interest rate hikes on the property market and provide insights on how investors and homebuyers can navigate this evolving landscape

1 2 Low Stock Levels and Market Stability: One of the key factors contributing to the stability of property prices amidst interest rate hikes is the persistently low stock levels across the board Limited housing supply compared to strong demand has created a situation where buyers are competing for a limited number of properties This has acted as a buffer against significant price declines, with competition among buyers keeping prices relatively stable

Understanding the Impact of Interest Rate Rises: When the RBA raises interest rates, it affects borrowing costs, making mortgages and loans more expensive for homeowners and property investors These rate hikes aim to curb inflation and maintain a stable economy However, despite the interest rate rises, the current property market prices have not fallen significantly and have remained remarkably stable

3 Impact on Buyer Demand: While rising interest rates can potentially cool buyer demand, the low stock levels have offset some of these effects Buyers who are eager to enter the market or expand their property portfolios face limited options, leading to sustained demand despite higher borrowing costs This continued demand has contributed to the stability of property prices in the face of interest rate hikes

4 Regional Variations and Market Resilience: It's important to note that the impact of interest rate rises and the stability of property prices may vary across different regions Some areas may be more resilient to interest rate hikes due to factors such as strong local economies, limited supply, or unique market dynamics Investors should consider conducting thorough research and seeking local market insights to understand how their specific region is performing and identify potential opportunities

5 Investment Considerations: While property prices have remained stable, it is essential for investors to approach their investment decisions with caution and prudence Conducting thorough due diligence, assessing rental yields, and considering long-term market prospects are crucial steps to ensure sound investment choices Additionally, investors should factor in potential future interest rate rises and their impact on cash flow and returns when evaluating investment opportunities

6 The Importance of Timing and Negotiation: In a market characterized by low stock levels, timing becomes crucial Buyers should be vigilant and act swiftly when suitable properties become available Additionally, negotiation skills play a vital role in securing favorable deals Engaging with sellers and understanding their motivations can potentially lead to advantageous purchase terms, even in a stable market

7 Adapting Financial Strategies: Given the rising interest rate environment, it is prudent for homeowners and investors to review their financial strategies This may involve reassessing mortgage structures, considering fixed-rate loans to lock in favorable rates, or exploring refinancing options to optimize borrowing costs Consulting with financial professionals can provide personalized guidance to adapt strategies to current market conditions

The property market has shown resilience amidst 13 consecutive interest rate rises by the RBA The stability of property prices can be attributed to the persistently low stock levels across the board, which have created a situation where limited supply meets strong buyer demand While interest rate hikes have the potential to impact buyer affordability, the current market conditions have offset some of these effects Investors and homebuyers should remain vigilant, conduct thorough research, and adapt their financial strategies to navigate the evolving landscape successfully By staying informed and making well-informed decisions, individuals can capitalize on the stability of the property

Services

Attention Central Gold Coast Community!

Are you a skilled tradesperson or service provider in the Broadbeach Waters area? Are you looking to build long-term relationships with clients who value quality workmanship and reliable service? Look no further! We are in need of a trusted team of professionals to assist with various trades and services, and we want to hear from you! We are seeking reliable and experienced individuals or businesses in the following trades and services:

If you are a skilled professional in any of the above trades or services and are dedicated to delivering exceptional work and outstanding customer service, we want to hear from you! Please contact us with your credentials, references, and pricing details We are excited to build a long-term partnership with reliable and skilled tradespeople and service providers in our local community Let's work together to create beautiful and well-maintained properties around South East Gold Coast

Please give me a call today on 0400 047 129

BROADBEACH WATERS - Sales Statistics (Houses)

MERMAID WATERS - Sales Statistics (Houses)

SORRENTO | BUNDALL - Sales Statistics (Houses)

BENOWA WATERS | BENOWA - Sales Statistics (Houses)

Disclaimer

It is our intention to provide a complete snapshot of sales and listings in your area and, as such, we have included properties listed and sold by all agents and agencies Price indications are provided by third parties, and these should not be relied upon If you would like to confirm details on properties not listed or sold by Image Property, please follow the link and enquire with the listing agent This email has been prepared by Image Property with all due care so as to ensure correctness and accuracy of the information contained above (which includes sales and listings of agents other than Image Property), however Image Property does not warrant the correctness of the information provided and does not accept any liability in this regard Parties should rely upon their own enquiries in this regard

Sam Tahana Sales Agent

0400 047 129

Jordan Baldan-Vine Senior Associate

0468 544 264

Sarah Tahana CFO and Operations