The latest data from the Queensland Department of Natural Resources and Water confirms that (mean) average house prices in the Gold Coast have returned to their pre-GFC level.
Data for 2,029 sales in the Gold Coast over the six months to December 2009 showed an average house price of $575,739, an increase of 7.6 percent over the lowest point in the GFC cycle of $534,924 recorded in the June 2009 half year.
The latest data is a positive sign that average Gold Coast house prices have recovered from the fall experienced during 2008 and into early 2009.
The previous high of $580,670 was recorded in the December 2007 half year and with the average now at $575,739, average prices have all but returned to their previous levels experienced in 2007.
But this is not so with sales volumes, which continue to wallow around the record low volumes experienced in the 1982-83 recession.
Low sales volumes reflect a general difficulty in purchasers being able to obtain finance, even with the Federal government’s first home buyer’s subsidy.
The impact on the local economy has been most severe on real estate agents, removalists, valuers, solicitors and financiers as well as the furniture and white goods/electrical industry, which revels in high property turnover.
Sales turnover is a better measure than prices as a means of monitoring the general health of the housing industry.
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