Promising start to 2014 set to continue after RBA leaves cash rate on hold

By February 4, 2014Uncategorized
RBA

The Gold Coast City property market’s promising start to 2014 is set to continue following the Reserve Bank of Australia’s (RBA) decision to leave the cash rate unchanged at 2.5%.

According to several sources, the property market Australia-wide is on the move, with entry-level to mid-range properties in capital cities leading the charge and Gold Coast City following suit.

RP Data recently reported an increase in capital city dwelling values of 2.7 per cent for the three months to end of January, 13.2 per cent since the beginning of June 2012 and 4.8 per cent higher than the peak in October 2010.

The report states that this strong performance is partially due to the introduction of financial and government subsidies and incentives for the first home buyers to build.

An article in the Property Observer provides further evidence of growth, particularly in the new home market, reporting data from the Housing Industry Association revealed an increase in sales for the first time in five years.

According the article, the 2013 figures showed aggregated new home sales climbed by 6.3 per cent in the final quarter and a 14.4 per cent rise during the year, indicating the first year of growth since 2008.

Dr Andrew Wilson, Senior Economist for Australian Property Moniters has reported that house prices should increase by between 5 and 7 percent over the year.

Residential sales manager at Robina Group, Azura Griffen said the growth in the market has been reflected by the increased enquiries received for CityVillage, CBDRobina’s most recent lakefront residential development.

“We have received a significant amount of enquiries during January and with the RBA’s decision to keep interest rates on hold, we are expecting this trend to continue,” she said.

“The entry-level to mid-range buyer is pioneering the increased activity in the market and our CityVillage development is ideal for that demographic.”

Stage two of CityVillage was released in September and already more than sixty per cent of the terrace homes have sold or are under contract.

Featuring two bedroom terrace homes priced from $449,000 in stage two, CityVillage offers buyers a lakeside community lifestyle just a short walk from Robina Town Centre.

The CityVillage sales and display centre is open Wednesday to Sunday 10am to 5pm at The Crestway, Robina.