first_imgFewer properties are changing hands across the Gold Coast.FEWER properties are changing hands across the Gold Coast despite house and unit prices rising slightly.Latest data in the Real Estate Institute of Queensland Market Monitor reveals sale volumes across the board plunged in the December 2018 quarter.It comes as the annual median house price jumped 1.4 per cent to reach a new high of $625,500 while the quarterly median for units and townhouses recorded a 0.6 per cent increase.REIQ chief executive Antonia Mercorella said it was a sign the market had softened in the last three months of 2018 but there was still long-term confidence it would improve.“(House) sale volumes saw a substantial drop over the December 2018 quarter with 1070 transactions, a result that was down on the September 2018 number by 32 per cent,” she said.“(Unit) sale volumes saw a substantial drop over the December 2018 quarter with 1427 transactions — a figure that was down on the September 2018 result … by 44 per cent.”While the data looked concerning, REIQ Gold Coast zone chairman Andrew Henderson said it showed sales volumes had come back down to a “normal level”. MORE NEWS: Beach home flip: before and after Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 0:54Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:54 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD432p432p216p216p180p180pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenAndrew Winter: To sell or to renovate?00:55 Experts say sales volumes have dropped from an “extremely high” level.“The volumes have come down from an extremely high level,” he said.Stricter lending criteria was partly responsible for the drop in sales, Mr Henderson said.More from news02:37International architect Desmond Brooks selling luxury beach villa12 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days ago“It’s a pretty good opportunity for people who have got the cash because banks are more stringent on their criteria,” he said.He said cash buyers had more power come negotiation time because they could offer a higher price to beat competitors without having to consult the bank.Strong migration and infrastructure as well as plenty of jobs was an advantage Mr Henderson said the Coast had over falling Melbourne and Sydney markets.Ray White Robina agent Matt Micallef said an increase in the number of buyers signing contracts with a “subject to sale” clause was also contributing to the drop in transactions and increased days on market. MORE NEWS: Industrial-style home making waves in beachside suburb He said of the 16 properties he had sold this year, seven were subject to the sale of the home the buyer was living in.“Cash sales used to be a very popular thing and we’ve only done one out of the 16 (sales),” he said.“It used to be quite a rarity subject to sale (contracts) but we’re definitely seeing it as more of a common circumstance at the moment.“It’s a lot harder than a clean deal.“(Sales) are a lot harder to get across the line now because of the lending.”last_img

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