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Home, unit sales plummet to 20-year low

Jenny Rogers   |  08:37am October 9, 2012
HOUSE and unit sales levels on the Gold Coast have dropped to the lowest level in more than two decades.
The city's residential property market continues to endure "a relentless downturn" in the wake of the global financial crisis, according to a 30-year market review by PRD Nationwide.
It has hammered locals trying to buy and sell in the same market, but provided the perfect opportunity for first homebuyers and buyers from outside the city to cash in, according to PRD.
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Sales volumes across the house, unit and land markets in the six months to June are at lows not seen in more than 20 years, according to PRD Nationwide research analyst Robert Matta.
He said median prices for houses and units also were at levels not seen since before the GFC.
Just 2158 houses were sold in the six months to June 30, with sales volumes falling 17.1 per cent per annum since the June 2007 peak.
The median house price continued to fall to $466,750, a 6.7 per cent drop from a year earlier.
The average number of sales per six-month period since the GFC hit in June 2008 has been 2884, compared to a pre-GFC peak of 5564 in June 2007.
Unit sales since June 2007 have decreased on average 19.8 per cent per annum.
The average number of units sold in the six-month period since the GFC was 3902, compared to the pre-GFC peak of 8002.
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Your Say

"Ratepayer> When you read the comments of Watermelon- Realistic & Main E local the picture is quite clear - Next year will be the Tipping or Turning point"
egregor
"Developer activity remains suppressed, particularly in the unit market, with very few cranes visible," MrMatta said.
"Several developers are holding on to substantial land banks waiting for an upturn in the market, while others are selling up to cover their losses."
The Gold Coast land market has also recorded the lowest sales volumes in 25 years, with just 318 lots sold in the six months to June 2012, a 21 per cent fall from the December 2011 period.
But MrMatta said there were early indications buyers were returning to "a buyer's market".
"There are exceptional buying opportunities present in the marketplace for those brave enough to test their nerve and savvy enough to buy well," he said.
"Anecdotal evidence suggests inquiry levels from end users, particularly first home buyers and those looking to downsize, have increased since the beginning of 2012, influenced by increased mortgage affordability, sustained price corrections and a notable price disparity between the house and unit market."
He said upgraders from outside the region were also looking to buy properties they could not afford until now.

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