The Glitter Strip’s property market is starting to shine again as home values gradually rise.
New CoreLogic figures released this week show property (house and unit) values on the Gold Coast have increased 1.9 per cent in the three months ending in October to $529,112.
It was one of the best performing regional markets behind Launceston (3.1 per cent), Illawarra (3 per cent) and the Mackay, Isaac Whitsunday region (2.5 per cent).
The results were revealed as part of CoreLogic’s Home Value Index, which showed a 1.2 per cent rise in national dwelling values over the month.
It marks the fourth straight month of rising values.
CoreLogic research director Tim Lawless said it was a positive sign for all markets.
“It’s becoming increasingly clear that the housing market rebound is gathering pace … off the back of lower mortgage rates and improved access to credit, as well as an improvement in affordability relative to the market peak several years ago and consistently high demand via population growth,” he said.
“Demand for housing is responding to stimulus measures, including mortgage rates that are now lower than anything we have seen since the 1950s and improved mortgage serviceability tests following APRA’s decision to adjust the minimum interest rate serviceability rules in July this year.”
The recent gains come after months of declining housing values across the country, with the national index dropping 8.4 per cent between October 2017 and June 2019.
The Gold Coast managed to buck the trend with values holding relatively steady during the period.
Originally published by NewsCorp Australia here.