Gold Coast property market on the mend.
Low interest rates on home loans is being regarded as one factor putting the Gold Coast property market into a state of recovery.
The last five years have been troublesome for the Gold Coast's property market, some properties almost halving in value. "Apart from Cairns, no market was affected more than here," according to Ray White Surfers Paradise principal Andrew Bell. In 2006 and 2007 many Gold Coast properties doubled in value but the last five years have seen prices come back down to more realistic amounts.
However, a 32 percent rise in sales for November 2012, compared to the previous year, is being regarded as a good indicator that the Gold Coast's property sector could be on the mend. Mulpha Sanctuary Cove sales general manger John Hughes says they are seeing an increase in buyer confidence due to a new government, stamp duties and stable low interest rates. It is also anticipated the 2018 Commonwealth games could give an additional boost to the areas prospects.
A full blown boom may not be on the cards for 2013, with the high Aussie dollar and low interstate migration still placing hurdles in the way. Mr Bell cautioned, investors should expect more moderate growth, around 5 percent.
There has been much speculation on the forecast for Australia's property market for 2013 but anybody contemplating entering the market should consider the fact that interest rates are currently near historic lows. Right now, there are some potentially large savings to be made by comparing and finding Australia's lowest home loan interest rates.
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