Gold Coast property prices start sliding
Gold Coast property prices have joined the downward national slide.
According to the latest figures from independent investment research house SQM Research, the Gold Coast’s median asking price has fallen 2.2 per cent to $1.466 million in the past three months.
The worst-hit area is the city’s northern suburbs, where median prices have slumped 14 per cent to $1.505 million. The median value of units in the northern suburbs has also fallen 3.6 per cent.
In contrast, the median asking price in the city’s central suburbs has slipped only 1.7 per cent to $1.9 million, while units fell 3.7 per cent to just over $1 million.
SQM Research Managing Director Louis Christopher said May’s data pointed to a national market losing momentum.
“National listings recorded their strongest monthly rise in some time and have moved back into positive annual territory for the first time in over a year,’’ Mr Christopher said.
“When supply returns this quickly while prices stall, it is usually an early sign that the market is at a turning point, keeping in mind April recorded a seasonally low level of listings.”
“The flat national price reading masks what is actually happening across the major capitals.
“Sydney, Melbourne, Brisbane, Perth and Adelaide all recorded monthly falls in combined asking prices. The only markets still rising are the three smallest — Canberra, Darwin and Hobart.
“With five of the eight capitals now declining month-on-month, the moderation we flagged earlier this year is broadening.”
Mr Christopher said the number of distressed listings was also increasing in Queensland.
“Distressed listings jumped 5.1per cent over the month, led by Western Australia, South Australia and Queensland, all up around 9 per cent,’’ he said.
“The annual figure is still negative, but year-on-year comparisons lag — the monthly trend is what matters here, and it is rising.
“The ACT is already 38per cent above where it was a year ago. We are watching this closely as an early indicator of mortgage stress.”
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