Purchasing your first home is a daunting task and it’s become more challenging in the current climate here on the Gold Coast, Qld.
The lack of supply, low days on market and strong population growth has fuelled this uphill battle of securing a roof over your head.
Unit prices in particular townhouses around $550K price are in strong demand.
Open inspections for properties that are in a good well maintained complex are often selling within the first week of listing.
Take the following Median Unit Price chart as an example for Arundel, Carrara and Merrimac. Price growth has been steadily rising. It’s been uphill since 2021.
The above is an example of areas where townhouses are still found in the entry level price point however what I have found is these units are a challenge to get a buyers discount.
It's still possible through due diligence and knowing the market but just throwing low ball offers is not going to help your situation in the current market.
So for those that are looking to purchase their first home on the Gold Coast I strongly recommend performing due diligence and a fair market value assessment.
Engaging with a buyers agent to better understand what the fair market value is can prevent you from overpaying or missing out. Either one is costly.
A strong focus on due diligence can avoid costly mistakes on the biggest purchase of your life.
At the same time it can also give you confidence on putting your best price forward.
If you know anyone who may need honest independent help buying their home on the Gold Coast feel free to get in touch for a chat.
Matt Gibson
August 3rd 2023
