BROADBEACH LEADS GOLD COAST IN SALES VALUE
Written on the 27 October 2010
AUSTRALIA’S total property sales for the year ending July 2010 have today been released by RP Data with the suburb of Broadbeach leading the charge on the Gold Coast.
Sales in the popular suburb totalled 209, amassing $218 million and averaging $855,000. The sales reflected growth of 2.9 per cent.
The only other Gold Coast suburb to make the cut in the top 40 list was Robina with 303 sales, totalling $180 million at an average of $555,000. Robina however is recording the highest growth on the Gold Coast at 8.4 per cent.
The Sunshine Coast's Buderim recorded the highest overall sales value in Queensland, but at $550,000 per unit is more than $300,000 less than the average Broadbeach sale.
The total value of dwelling sales across the country was $213 billion for the year to July 2010, marking a 30 per cent increase from the same period five years ago. In 2005 sales totalled around $165.5 billion.
Of the suburbs listed, 36 of the 40 detailed are within capital city regions while three of the remaining four are located on either the Gold or Sunshine Coasts in South East Queensland.
But it was the affluent Sydney suburb of Mosman that recorded the greatest value of sales with $851 million across 329 sales, at an average of $2.1 million.
When fine tuning the data, analyst Cameron Kusher, says only one of the top five performers in each state has recorded a fall in median price over the last 12 months and that was Mosman Park in Perth.
Of the 40 suburbs detailed across the country, the median price is $550,000, and the average number of annual sales is 231. These suburbs account for $8.7 billion dollars worth of house sales during the 12 months to July 2010 or 5.3 per cent of the total value of sales nationally during the year.
Kusher’s findings show that it isn’t necessarily the most expensive suburbs, nor those with the greatest number of sales which will account for the greatest total value of sales.
Devonport has emerged as the most affordable city in Australia with a current median price of just $250,000. In contrast, Bellevue Hill is the most expensive suburb in the country with a current median of $3.91 million.
The unit market results show a number of similarities with the housing market results. Like the housing results, only two of the suburbs (Hope Island and Southport) recorded a fall in median unit price over the 12 months.
Many of the other suburbs detailed recorded growth in excess of 10 per cent for the year.
Total commission across these suburbs equates to $7.76 billion or 3.6 per cent of the total value of sales nationally for the year.
“The next time it seems as if there are a lot of real estate agents or mortgage brokers in one of these areas you can now understand why – it’s because these suburbs have the greatest amount of commission to be earned,” says Kusher.