Principal Lucy Cole said she believed the 2017 outlook for the Gold Coast property market was positive. Picture Mike BatterhamLUCY Cole Prestige Properties took a list of 15 properties to auction at the agency’s sixth annual alfresco auction on the weekend.Principal Lucy Cole said about 150 people including 40 registered bidders turned up to the event last Saturday where the team sold about $8 million worth of real estate.The agency sold six properties under the hammer including two above the $1 million mark.“There was a lot of spirited bidding on the day which was great to see,” Ms Cole said.“Two of the sales were above reserve which was also promising to see. We had another three that sold prior to auction and we have another four under negotiation now.” Auctioneer Scott Harman in action. Picture Mike BatterhamMore from news02:37Purchasers snap up every residence in the $40 million Siarn Palm Beach North11 hours ago02:37International architect Desmond Brooks selling luxury beach villa1 day agoMs Cole said there were a range of buyers including international, interstate and local.Among the sales was an apartment in The Waterford building at Main beach. The three-bedroom apartment, which has 360-degree views of the Coast, fetched $1.85 million under the hammer. The crowd wait for the hammer to fall. Picture Mike Batterham A crowd of about 150 took part in the auction event. Picture Mike Batterham Auctioneer Scott Harman engages with the crowd. Picture Mike BatterhamA four-bedroom waterfront house at 11 Riverbank Court, Ashmore, also sold for $1.4 million.Ms Cole said she believed the 2017 outlook for the Gold Coast property market was positive.“I think it’s looking very healthy — there’s a buzz in the air and it’s very exciting.“Buyers want to be involved in our marketplace.“They can see that we’re moving forward.”
Queensland is tracking quite well on the affordability front. Picture: Brendan Radke.HOME loan affordability has increased across Queensland while the Brisbane property market has cooled to more sustainable growth, according to the PRDnationwide’s Australian Economic and Property Report 2017 released today.The report showed Brisbane’s median house price grew an average of 1.5 per cent in the first half of 2017 but growth had slowed from an increase of 7.1 per cent in the year to May 2016, to 4 per cent in the following 12 months.PRDnationwide national research manager Dr Diaswati Mardiasmo said it signalled a return to usual, more sustainable levels of strong growth that the Australian market was experiencing prior to the property boom.“Affordability is the key issue and (Queensland) is tracking quite well in that sense,” Dr Mardiasmo said.More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor3 hours ago“People can still access quite a lot of suburbs under $500,000, which is not the case in Sydney and Melbourne.”She said “the Brisbane rate of income growth was disproportionate to (residential property) price growth”.“Over the past 10 to 15 years growth had tracked around 5 per cent, which was in line with our wage and income growth. So the fact that we’re still growing at 4 per cent is great because we’re still seeing that capital growth but it’s more sustainable.”Across the state, the Queensland regional markets recorded growth of 4 per cent in the first half of 2017, the highest increase of the three main states (NSW, VIC and QLD) and third highest nationally.The PRDnationwide report also found Brisbane rental vacancy rates held steady at 3 per cent and median rents had increased by 1.3 per cent.Dr Mardiasmo said the vacancy rates were the right side of healthy and the rental change was much more affordable compared to other capital cities, so it was good news for investors and tenants alike.Home loan affordability in Queensland increased by 3.6 per cent annually to March 2017, the report found. Nationally the proportion of family income needed to meet home loan repayments decreased from 31.7 per cent to 30.4 per cent and the proportion to meet rent payments decreased from 25.1 per cent to 24.6 per cent in the same time.