Has the Gold Coast market become too hot to handle?

PHOTO: Gold Coast, Quensland

The Gold Coast market has been in frenzy since COVID hit but has it become a victim of its own success by becoming too hot to handle?

SOMETHING has changed in the Gold Coast property market over the past few weeks.

Dare I say that the unfettered buying hysteria that has been sweeping the Coast since COVID-19 restrictions were lifted has begun to dissipate – not a lot, but a little.

Undoubtedly we are still in one of the most buoyant markets the Coast has experienced in decades, a market where houses prices continue to eclipse record sales, and where demand still outstrips supply by up to 50 per cent, according to some agents.

This stunning Sorrento property sold for $5m. Source: Supplied

Last week in Surfers Paradise, 94 Admiralty Drive sold for $6.98m through Karen Pirie of Amir Prestige and ranks among the top sales of 2021. Meanwhile, in Sorrento, two Bayden Goddard-designed properties transacted for $5m each – No. 28 Kookaburrra Court, sold through Michael Kollosche and Simon Worthington of Kollosche, and 12a Freyburg Street, marketed by Charlon Delos Angeles and Marc Keswell of Amir Prestige.

So don’t get me wrong, the market is still red hot, there’s just a mild breeze blowing through.

Figures released by REA in its May Housing Indicators report show that my instincts may not be entirely misguided.