As we approach the end of the first quarter, 2022 has continued the dizzying array macro and micro-level factors that need to be considered when assessing the current property market.
Firstly, there has been the long-awaited re-opening of our state borders. This was followed by the tentative opening of the country to overseas visitors and migrants (since February 21st, eligible visa holders that are double vaccinated can enter the country without quarantine or exemptions).
In contrast to these positive events, South East Queensland and northern NSW have weathered storms and the ensuing floods caused by La Nina. Added to this mix is a widely anticipated interest rate increase. All of this also has to be considered in light of the record-breaking year of 2021. So what does this all mean for the property in the exclusive suburb of Hope Island?
Hope Island is one of the most exclusive and prestigious suburbs on the Gold Coast. With its stunning waterfront properties, sought after lifestyle and location, properties are always in demand. To get a more quantitative view of what’s going on, we took a look at the following key metrics of the last 30 days.
New sales listings refer to genuine properties that are newly advertised for sale for the first time. According to CoreLogic, compared to the month prior, the number of new sales listings in Hope Island has fallen by 14.29% in the last 30 days.
Currently, the average number of days on the market for Hope Island property is 70 days*. This is 20% less time on the market than in the previous month.
* This figure reflects the average time (in days) that a property remains on the market from the first time it is advertised to the time it goes under contract is or is withdrawn from the market.
‘Recently advised sales’ reveals the number of properties that have been sold in the last 30 days in the Hope Island area. In the 30 days up to March 21st, Core Logic reports that 41 properties were sold. Compared to the month before this period, actual properties sold are down by 26.79% Simply put, over a quarter fewer homes have been sold in the last month.
Bringing it all together - 30 Day Summary
With so many interrelating factors, sometimes taking a look at these key metrics gives us a better feel for the state of the market. It is worth remembering that this is a ‘snap shot’ in time – and does not consider every single variable.
The suburb of Hope Island currently has fewer new properties entering the market. When the number of available properties is lower, the average time that property remains on the market tends to be lower too.
Demand is high, supply is low, and so whilst we have all these other mitigating factors buffeting the market, the short-term outlook for vendors of luxury or prestigious property remains bright.
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