After a recent auction, Ray White Gold Coast is saying positive things, yet again, about the Gold Coast property market. In every press release that I have seen over the past 10 years from Ray White Gold Coast, they appear to be saying that now is the time to buy! Always optomistic.
When I visited the Gold Coast recently, it looked old, tired and tatty. It is not a nice resort town. Even if the prices halve again, I would have trouble buying on the Gold Coast. (Another recent story: Brisbane residents prefer to vacation in Melbourne rather than the Gold Coast!)
The value of some homes on the troubled coastal strip have halved since 2007 and data from Australian Property Monitors shows the median house price in Surfers Paradise fell 33 per cent in a year. Apartment prices dropped 5 per cent. Property can sit on the market for months – even years.
While it was still too early to be talking about recovery, Sunday's result showed that prices had stopped falling, he said.
"I've got no hesitation in saying the market has bottomed," Mr Bell said."