2022 Gold Coast Market Re-cap

Nathan’s 2022 Market Wrap-up

2022 feels like it flew by, but what an amazing year of Real Estate it was. It started off with 3 months of the fastest growth in many, many years and sellers enjoyed some fantastic gains in the market. Of course since then we have seen 9 consecutive months of Australian property price decreases.

One of the main talking points of the year was cost of living and inflation. Hitting well above the target of the RBA, inflation skyrocketed and everyone’s back pockets were hurting. Whether you were filling up on fuel, buying groceries or even buying a boat you could feel the inflation as it happened. This of course caused a knee jerk reaction and the cash rate climbed from 0.10% to 3.10% with more to come in 2023.

Despite all of these changes we have found the Gold Coast market to stay quite resilient, with record double digit growth present in many areas for 2022. What we have noticed however is the average days on market is rapidly expanding as sellers hold onto the hope of peak prices and many buyers hope for further declines. This has shifted the supply and demand levels in many areas and looks to favour the buyers in most cases.

What I think people should take the most note of looking into 2023 is sales volume. You can see in the charts throughout this report that sales volume YoY was down significantly which should mean buyer competition would increase. Despite the lack of stock we did not see a high demand per unit throughout the end of 2022 and the concern is a lift in stock levels may see prices dip further.

My advice for sellers right now is to look at the overall picture. If you have been in your home for 3 - 5 years you will be making a handy profit despite some small price changes in your marketplace. There is a great opportunity to upgrade or downsize right now and wait for the gains to come later in the year as the cash rate is predicted to start coming down. Property is a long term investment for the most part and when you look at it that way you’ll realise it is always a good time to transact!