Has the Gold Coast market hit the bottom of the cycle? Are good times ahead?
Owners of a beachfront property on the Gold Coast rejected an offer of $14.5 million just six months ago, after having it valued at $17 million. “We can do better than that!” they thought.
But today that piece of “real estate gold” went to auction and was sold for just $9 million. A bargain, or a reality of just how far the upper end has dropped in recent months? Probably a bit of both. Yes, it’s cheap for what it is, and the new owner will probably be smiling when they property sells again 5 or 10 years from now. However, it also goes to show just how tough it is to predict prices in the luxury market.
So if we’ve hit the bottom of the real estate cycle, then presumably now is a good time to buy. Some say yes, and others say no. In this week’s issue of BRW magazine, experts from the real estate and property development industries are mixed in their views. Some are saying “Buy now!” while everyone else is in a panic, whilst others would recommend waiting for six months to see how things are going.
In my view, it is a good time to be purchasing real estate, so long as you meet a few conditions. Have a look at “Now is the time to buy” for a bit more info.