Buyer Comeback

Written on the 20 November 2009

BUYERS are returning in droves to the central Gold Coast and demonstrating further evidence that consumer confidence in the local property market is once again surging.

REOL Property Consultants principal Michael Mahon says property sales have increased by up to 30 per cent in the last month.

“In the last quarter we have sold in excess of 60 properties in and around the central Gold Coast, despite recent interest rate rises and negative economic market sentiment,” says Mahon.

“Most buyers, particularly those in the mid to upper price ranges, will recognise the latest rate rises as a positive move signalled by the fact that we have passed the most dire phase of our current economic circumstance.

“We have watched as the demand for rentals transformed from a solid rate of enquiry late last year to a substantial drop in the first fiscal quarter of 2009 to where we are currently situated, which sees us returning to a healthy rate of properties leased.”

Reol reports auction bidders increased by almost 100 per cent since the beginning of the GFC with a recent sale of an auction property $115,000 over the reserve with seven registered bidders.


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