After dismal performance over the past couple of years, there are signs that the Gold Coast property market is starting to bounce back from the doldrums.
A new report by Prodap showed a significant turnaround in sales activity during the March quarter, buoyed by strong interest from developer and investors.
Vacant land sales jumped by 78% to 383 compared to the previous quarter while sales of land and house packages (including townhouses, duplexes and villas) surged by a whopping 103% to 159.
Bill Morris who compiled the report said most of the sales occurred in Gaven and Upper Coomera, both on the northern fringe of the Gold Coast according to the report.
Total available vacant land lots for sale was 1,217 as at the end of March, which is equivalent to only 38 weeks supply at the current rate take up. "This is very low given long lead times for approvals and production, which is historically up to 18 months," Morris noted.
The available house and land package is similarly low at 609 or 45 weeks supply. Stock levels are considered to be critically low, given that the market is showing improvement, according to Morris.
"In the current climate, uncertainty regarding bank funding is a major consideration for developers," he said.
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