The property market in the Gold Coast, Queensland is set for a recovery in 2015.
This is according to Bill Morris, author of the Prodap Report, which focuses on residential property and housing.
According to the report, the average house price in the Gold Coast rose by 7.4 per cent in the first quarter of this year from $515,941 to $554,263.
This turned around an 8.4 per cent decline over 2011 and 2012.
Mr Morris says that the recovery in house and unit prices will rise as the demand for these properties increases beyond the number that are available.
Certainly, the prediction of a recovery is in line with figures from the RP Data Rismark Home Value Index, which has consistently shown house prices across Australia to be on the rise for several months.
Yet building approvals for private sector houses have only experienced modest growth, with March results showing that they had risen by 0.1 per cent.
Posted by Steve Douglas