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Published On: Tue, Sep 28th, 2010

Coast’s median house price hits $515k

THE median Gold Coast house price increased by 3 per cent to $515,000 in the year to June 2010, despite a struggling real estate market and a lack of demand.

Analysts said the price was driven upwards in the latter stages of the year as the city recovered from the global financial crisis and investors regained confidence.

But they warned the market was still flat and might be in for further pain if the Reserve Bank of Australia decided to increase the interest rate when it meets next Tuesday.

Compared with other Queensland coastal hubs, the Gold Coast recorded a median price increase larger than Cairns (-2.7 per cent), the Fraser Coast (-1.6 per cent), the Whitsundays (-2.5 per cent), Sunshine Coast (2.7 per cent) and Mackay (2.6 per cent) but less than Townsville (3.5 per cent) and Rockhampton (4.8 per cent).

RPData research analyst Cameron Kusher, who compiled the results across Australia’s coastal regions, said it was not a great result for the Gold Coast, which usually performed strongly.

“Compared to other regions, it is somewhere in the middle,” he said.

“The fallout from the global financial crisis is people are wary to take the plunge and move to a coastal town. They are scared to risk it all.”

He said the quiet tourism industry was having an effect on the Gold Coast and predicted further increases in house prices for Townsville and Rockhampton because of strong links to the mining industry.

Mr Kusher said it was unlikely a similar rise would be seen on the Coast. “It will be quite slow for the rest of the year and most of next year, especially if we see interest rates hiked again, which many people think will happen,” he said.

Ray White Helensvale agent Frank Gardner said he sold 11 properties in the past five weeks, between $450,000 and $520,000.

Original Article at GoldCoast.com.au by Henry Tuttiett   |  September 28th, 2010

About the Author

- Glenn Batten is the Principal Licensee of First National Real Estate Upper Coomera which provides residential property sales and property management services throughout the Northern Growth Corridor suburbs of Upper Coomera, Coomera, Pimpama, Willow Vale, Ormeau and Oxenford.

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