PURE KIRRA Building Report
Alex Phillips
Asateam,wetakenothingforgrantedandknowwecanachievecompetitionforpropertyinanymarket We’vebeenin businessfor20+yearsandrightnowwecontinuetodefytheheadlines Thefactispeoplebuyandsellpropertyeveryday Theyupsize,downsize,moveawayandmovehomeaseveryone’spersonalcircumstancesaredifferent Sellingisapersonal decision
Why sell now?
Whatweknowrightnowisthatourallcriticalappraisalnumbersareup62percentontwoyearsagoand22percenthigher thanlastyear Thisgivesusconfidencethatthespringpipelineislookingstrong Stockisrising
Our job has always been the same To create competition for our sellers and we can do that in any market The process remains the same to market our properties as far and widely as possible for our sellers We’ve never lost sight of that
COOLANGATTA 335 212 alex phillips@raywhite com
Somepunditsarenowpredictingupto20percentpricefallsinsomemarketsoffthebackofthesupersized,inflation busting raterise Thesewerealsothesamepunditswhowerepredicting30percentfallsatthestartofthepandemic Theywereso wrong We’vealwayssaidthatwedon’thaveacrystalballtopredictthefutureandwe’veneverbeenonetospeculate We workinthe‘now’
Our open homes numbers remain sound (10 per cent higher foot traffic than one year ago but still 22 per cent lower than two years ago during the height of the pandemic) Our volume of sales are also up on two years ago too Scheduled auctions across our offices remain higher too over the last two years, and since polling day our clearances are climbing back to the mid 60 per cent ranges which is actually slightly above our long term average Our team's average days on market right now is 22, which is still over a fortnight shorter than the area average
Regards,
A message from Alex Phillips Phillips
Alex
TheAustralianmarketishighfunctioningwithhighturnover,withnottoomuchofagapbetweenbuyersandsellers We knowwe’reinanewcycle,however,inthisNewsletterwewillcoveranumberofreasonswhypricesaren’tlikelytodrop dramaticallyhereontheSouthernGoldCoast
PROPERTY SPECIALIST 0404
SCAN FOR A FREE MARKET UPDATE PERSONALISED TO YOUR PROPERTY
ADDRESS
Pure Kirra Recent Snapshot
1001/28 30 Musgrave Street, Coolangatta 903/28 30 Musgrave Street, Coolangatta
$1,500,000 building record sale price most recent sale price worth of property sold in the 2021 $1,500,000 $5,475,000 of all enquiries came from out of area postcodes 94% In preparing this information we have used our best endeavours to ensure the information contained herein is true and accurate, but we accept no responsibility and disclaim all liability in respect to any errors, omissions, inaccuracies, or misstatements that may occur Source Pricefinder com
SALE PRICE
1002/28 30 Musgrave Street, Coolangatta
SALE DATE 09/11/2021 13/10/2021 30/03/2021 08/02/2021 28/09/2020
601/28 30 Musgrave Street, Coolangatta 402/28 30 Musgrave Street, Coolangatta
$1,500,000 $1,475,000 $1,230,000 $1,270,000 $1,175,000
GOLD COAST LGA
AVERAGE DOM
43
HIGHEST $2,875,000
Coolangatta
HOUSES
HOUSES
69 LGA GOLD COAST 78 APARTMENTS In preparing this information we have used our best endeavours to ensure the information contained herein is true and accurate, but we accept no responsibility and disclaim all liability in respect to any errors, omissions, inaccuracies, or misstatements that may occur Source Pricefinder com
AVERAGE DOM*
COOLANGATTA
2
78 APARTMENTS
MEDIAN $620,000
Our Market at a glance: 4225
MEDIAN $1,701,000
MEDIAN $943,000
MEDIAN $1,000,000
SOLD LAST QUARTER
AVERAGE DOM 60
HOUSES UNITS
HIGHEST $2,352,000
A surge in international student arrivals is likely to add further pressure to already tight Gold Coast rental market Australia wide properties are renting faster than ever, and the number of days it took a rental property to be leased after it was listed on realestate com au in July hit a historic low 19 days Nationally, median advertised rents on realestate com au have increased by 8% in the past 12 months alone 0.81% CURRENT VANCANCY RATE 2,256 RENTAL STOCK AVAILABLE 555,721 GOLD COAST POPULATION 31.09% RENTAL POPULATION Rent Buy July20 October20 January21 April21 July21 October21 January22 April22 July22 200 150 100 50 0 OVERSEAS "FOR RENT" SEARCH VOLUMES HAVE SURGED IN RECENT MONTHS Rental Insights In preparing this information we have used our best endeavours to ensure the information contained herein is true and accurate, but we accept no responsibility and disclaim all liability in respect to any errors, omissions, inaccuracies, or misstatements that may occur Source Pricefinder com
BUYER
Borrowing power vs Rate rises
If the cash rate continues to grow, and the lenders pass on the increase to borrowers, the total amount a borrower can access will decrease.
POTENTIAL
The cash rate has been increasing, with economists from the big four banks predicting it could grow to over 2% The cash rate impacts the interest rate lenders offer on variable rate home loans, which in turn impacts the total amount someone may be able to borrow
CONNOR SUMMERS 0416 838 673
2 50% $693,000 2 75% $672,000 3 00% $653,000 3 25% $634,000 INTEREST RATE P A BORROWING CAPACITY
For more information or to discuss your own borrowing power, reach out to Connor Summers at Loan Market for your free, no obligation chat
In the example below, an increase in interest rate by just 0 25 percentage points from 2 5% p a to 2 75% p a would decrease borrowing capacity by $21,000 A change of one percentage point from 2 5% p a to 3 5% p a would decrease borrowing capacity by $77,000
connor summers@loanmarket com au
Annual Salary: $90K Dependents: 0 Loan term: 30 years Average Australian expenses
What's Happening in Our Neighbourhood
Gold Coast Terminal Expansion
Set to open late 2022, this three level 30,000 sqm game changer doubles the terminal’s current size connecting with the existing terminal there’ll be room for 19 additional large aircraft to touch down or take off The expansion will accommodate 6 new gates setting the stage for new and returning international and domestic flight connections As the world keeps moving ahead and borders start to re open, links to New Zealand, Singapore, Korea, Japan and Malaysia will be ready to go from the new and improved terminal
The $4 million project is proposing to improve capacity, efficiency and safety at the intersection Design is expected to be finalised in September 2022, with early works (including service relocations) to commence in October 2022 Then in early 2023 construction of the intersection improvements are expected to begin
molition is well underway on the Palm Beach Aquatic Centre which l see the site redeveloped and transformed into an exciting mmunity hub Major new features will include a community centre h a multipurpose hall and flexible spaces, new pools for aquatic ivities, a water play area, fitness centre, dance studio, café and che It is also great to know that a target has been set to recycle 95% the former concrete structure and 60% of the building materials The ntre is due to reopen in early 2024 For detailed information and nstruction activities visit cityofgoldcoast com au/pbacc
Currumbin Creek Road & Bienvenue Drive Intersection
m Beach Aquatic & Community Centre Redevelopment
The Department of Transport and Main Roads is undertaking consultation for the upgrade of the Currumbin Creek Road and Bienvenue Drive intersection at Currumbin Waters
0404 335 212 | alex phillips@raywhite com
Alex Phillips
www.raywhitetugunelanora.com.au
