2023 | Nathan Simon's Gold Coast Real Estate Insider

2023

market

R E PO R T

Nathan’s

MA R K ET W RA P What a year of real estate we have just had! I have no doubt you could talk to 10 different agents or homeowners and receive 10 different answers on what the market did in 2023. One of the most important things to remember, and I believe showed strongly throughout the year, is that every market is broken up into different micro sectors. Why is this important? When the majority of people are reading or hearing about the market from the mainstream media, TV series like The Block, and even friends or work colleagues the information is very broad.

Often it is just an opinion and it’s either “the market is going up” or “the market is going down” but this is not always the case.

This year we saw a market that lacked confidence and had a negative sentiment to begin with, and then a massive boost in the 3rd quarter of the year which had 80% of the markets see an increase in the median value. What’s been driving the price? You’ve probably heard it already but stock remains very low in most suburbs across the coast creating the illusion of a high level of buyer demand. What we saw during 2023 was that stock is the factor driving prices forward but also driving prices down in some areas leaving the question of; how long can this last?

Throughout the year many of you may have heard my prediction of a tough Christmas for the property market. This is due to the imminent cash rate rise and also the effects of the previous rises being felt with the festive season spending. What we noticed from the middle of November through to now was exactly that with many buyers hesitant to make a move due to the uncertainty of the future, especially in the markets between $1 - $4m.

My prediction for 2024 is that we will see the current stock equation tipped with many buyers having the freedom of choice. I do believe this could bring a softening of prices but this will not be substantial - 5 maybe 10%.

My tip for sellers and buyers coming into 2024 is to stop trying to time the market.

Although I have made a prediction above, if the last 3 years are anything to go by, being in the market is better than not. Make a decision based on your lifestyle and goals rather than what the market may or may not be doing.

40

$42,045,500 T O TA L S A L E S V O L U M E

HOMES SOLD & SE TTLE D

5 S TA R R E V I E W S

51

2023

team

R E S ULTS

$100,000+

CHARI TY & SPO N SO RS H I PS

AV E R A G E S A L E P R I C E

$1,051,137

23

AV E R AG E DAYS O N MARKET

N O R T H E R N G O L D C O A S T S U B U R B S TAT S

*Information found using CoreLogic Rp Data and is relevant as of the 07/12/23.

This information is subject to change.

COMMUNITY PARTNERSHIPS

2023 W R AP UP 2023 brought a raft of changes to the home lending market in general. After last year’s sharp movements in rates, which brought on a 3% increase in RBA movements, 2023 brought a second wave of increases. Propped alongside a very sharp increase in inflation (buoyed initially by property prices and fuel costs, then supply chain/costs of goods) the RBA’s additional movements of 1.25% hit an already struggling market.

2023 has also brought a lot of customers, benefiting 2-3 years ago by fixing their interest rate at historical lows at around the 2% mark, to what the media has called a ‘mortgage cliff’ where the realisation of interest rates changing from 2% to around the 6%6.5% mark has on average increased by $1200/mth. (on a loan of $500k over a 30-year loan term). Without prior planning, this has caused a lot of owners/investors to either downsize or sell stock.

Lucky for these customers, there are still a lot more buyers than sellers in the

market in 2023. The expansion of the first home guarantee brought on the ability for Permanent residents (not just citizens), for siblings to buy jointly for a first home (when previously was only for single or spousal arrangements) has been a boost to the sub $700k end of the market. This, and the recently boosted $30k First Home Owners Grant for new builds, intends to see the local market still grow strong in buyer inquiry.

CONSTRUCTION NEWS N ORTH E RN G C

CO O ME RA PU BL I C H OS P I TA L

COO M ER A CONN ECTO R

Major construction is well underway on 2 of 3 stages for the first section of this major project. The final section is currently out for tender ready to begin in 2024.

P I MPA MA TRA I N STATI O N

KERK IN ROAD BRI DG E

Clearing and earthworks have now begun on this project which is set for completion around 2027/2028 which is a huge boost to the Northern Corridor.

The first initial works have now been completed with the upgraded intersection and installation of traffic lights. Work continues with the Car park and walking bridge works to begin throughout Christmas.

The new ‘floodproof’ bridge upgrade has now opened connecting Jacobs Well to Pimpama throughout rain events which would usually flood this section of road.

sold & settled 2023 OVER O N E MI L L I O N

$1,105,000 28 S A R A B A H WAY

$1.115M

$1.995M

14 CA RI N YA CO UR T

2 7 5 HA RBOUR BOULEVA RD

$2.05M

$1.76M

19 FRA N GI P A N I CO U R T

2 0 POI N CI A N A PLA CE

$1.12M

$3.67M

11 1 PAR A DI S E P A R AD E

2 6 T HE BOULEVA RD E

$1,900,000 9 GEN E K ELLY COURT

$1.28M

$1.11M

9 G R E VIL L E A C R E SC E NT

1 9 HI BI SCUS CRESCEN T

$1.145M

$1.24M

1 6 HIG H STR E E T

1 2 K AT I N K A CI RCUI T

$1.110M

$1.3M

5 R AINB OW C R E SC E NT

9 K URURA ROA D

Individualised marketing approach CASE STU DY

These unique channels paired with an intensive social media campaign, printed marketing materials, and Feature

by Realestate.com garnered amazing attention for the listing and had over 40 inspections and 28 offers in less than 5 days. We achieved a price $300,000 over the original asking price of $1.6M, selling at $1.9M. Which is miles above what

The right marketing strategies are vital

another agent appraised at just $1.2M.

when selling houses. Here with the Nathan Simon Property Team we ensure

Helping facilitate this sale was digital

the right strategy is employed for each

offering platform, MarketBuy. This

individual property. A great example of

program allows heightened transparency

this is how we marketed 9 Gene Kelly

for buyers and sellers. Buyers submit

Court in Maudsland.

offers online which are shared instantly with the agent and sellers. It also informs

This home was built by winners of The

buyers whether their offer is currently

Block, Ayden and Jess, we were able

the highest, this allowed the buyers of 9

to build a marketing strategy around

Gene Kelly Court to present competitive

the story of the house. We also were

offers with more confidence.

able to use channels appropriate to the circumstance such as 9 News Gold

Now we know not everyone selling a

Coast and the Gold Coast Bulletin,

home is a TV icon, but we can find

places we knew people who would be

a unique and optimal approach to

interested in a “Block house” would

marketing and processes for any home

see. Also engaging platforms that

we list which in turn can create a healthy

matched the caliber of the property was

environment for a competitive sold price.

important, the home was featured by Prestige Property which was appropriate for a custom-built, luxury home that buyers would be used to from that particular platform.

KERRY’S BUYER T IPS

TIP #1

Secure pre-approval for a clear budget

One of the first steps in the home-buying journey is obtaining pre-approval from your broker. This financial groundwork provides you with a clear understanding of your budget, empowering you to focus your search on properties that align with your financial capabilities. By knowing your budget in advance, you can explore various locations and property types, making the house-hunting process more efficient and tailored to your needs.

TIP #2

Define your requirements

Before you start visiting properties, it’s essential to create a comprehensive list of your requirements. Consider factors such as the size, style, and inclusions of the house, as well as the amount of land you desire. Additionally, think about proximity to key landmarks, like schools, workplaces, or public transportation.

Having a clear list of must-haves will help you quickly evaluate potential homes. If a property meets 80% of your criteria and allows for compromise on the remaining 20%, it’s worth considering and potentially making an offer.

TIP #3

Connect with your local real estate agent

Building a strong relationship with your local real estate agent is a valuable strategy for finding hidden gems in the market. Real estate agents often have access to off-market or pre-market opportunities, giving you a head start before properties become publicly listed on online portals. By leveraging this connection, you can view homes that align with your needs without facing intense competition. Engage with your real estate agent regularly to stay informed about exclusive opportunities that may match your criteria.

T H A NK YOU TO OUR SPO NSORS

Professional event video and photos available to attendees soon.

sold & settled 2023 BELOW O N E MI L L IO N

$932,000 9 WI LM I N GTO N CO U R T

$950,000

$616,000

7 MEB B I N S T R E E T

1 /2 1 GREAT SA N D Y CI RCUI T

$612,000

$640,000

1/ 1 5 M I R I N A E C I R CU IT

1 /4 M I RI N A E CI RCUI T

$760,000

$930,000

9 S H AWN E E C R E SC E NT

9 SUN D OW N CI RCUI T

$810,000 6 6 FOUN TA I N ST REET

$885,000

$850,000

8 G R E E NM O U NT STR E E T

5 02 GA I N SBOROUGH D RI V E

$735,500

$993,000

2 8 O AK W O O D STR E E T

4 LOOBY CRESCEN T

$634,000

$821,500

1 1 M AID STO NE L ANE

9 GI RRAW EEN ST REET

$750,000

$917,000

5 7 V I LLAGE B O UL E VAR D

2 3 BOW LEY ST REET

$619,000

$605,000

2/1 3 J E A N S T R E E T

1 /1 5 7 FRA N K ST REET

$540,000

$635,000

4 08/ 36 0 MA R I N E P AR AD E

4 W I N D WA RD PLA CE

$990,000

$723,000

4 FR ANG IP ANI CO U R T

1 9 JON ES ST REET

$950,000

$660,000

3 8 P ATHFIND E R R O AD

1 9 7 RI EM ORE CI RCUI T

$712,000

$685,000

2 0 COR M O R ANT C R E SC E NT

1 3 SLA CK ST REET

0407 760 435

KNOW MORE THIS holiday

season.

BO OK IN YOUR OBLIGATION F REE APPRAISAL TODAY, OR RECEIVE AN ESTIMATE ON YOU R PROPERTY IN AN IN STANT.

GET APPRAISAL