first_imgJohn Newlands doesn’t expect the fall to last long. Photo: Steve HollandMr Newlands said now the banks had “loosened their belts a bit” and following the liberal party’s election victory the market would get back on track.He said in the next six months the Gold Coast could see sales activity and values moving back into positive growth. “There’s a renewal of confidence in the marketplace and hopefully from July onward we will see investors return,” he said. “We have got a lot going for us and the driver is always the lifestyle.“We should start to see the latter half of this year start to improve.” The last quarterly report, which looked at figures to November 2018, had a 14 per cent drop in sales with an annual figure of 16,483 dwellings sold. The new report showed the median house value fell 2.8 per cent to a $614,000 median. The drop in the median unit value wasn’t as steep, down 0.4 per cent to $419,000. MORE NEWS: Interest rate hits an all-time lowMORE NEWS: Chris Hemsworth’s Byron Bay mega-mansion almost complete Mr Newland said buyers and sellers should always look at the bigger picture. The data showed the Glitter Strip’s median house value had grown 22.4 per cent in five years and the median unit value was 12.4 per cent higher than 2014. More from news02:37International architect Desmond Brooks selling luxury beach villa11 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag2 days agoReal Estate Institute of Queensland director John Newlands said the declines were due to a “perfect storm” in the Gold Coast property market. “We do benefit largely from a lot of investment type buying and with tighter lending conditions and the talk prior to the election on the removal of negative gearing it had an impact on investors and that’s why we saw the sales drop down,” he said. Sales activity on the Gold Coast is down, new data shows. Picture: Jerad WilliamsSALES activity is dwindling on the Gold Coast, with the city recording the biggest annual fall across Queensland, a new report shows. Property sales have dropped by 17 per cent, according to CoreLogic’s Quarterly Regional Market Update, which analysed data across the 12 months to February. The report, released yesterday, showed there were 15,475 sales in the period and the median property values had also declined. And the Coast was not the only region facing challenging market performance. “The regional markets are taking their lead from the capital cities, with the annual rate of value growth winding down across most regions,” CoreLogic research analyst CameronKusher said. “Queensland saw sales activity fall across all five regions over the year to February2019, with the largest fall recorded across the Gold Coast.” Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 1:25Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -1:25 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels720p720pHD576p576p432p432p288p288pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenDavid Koch puts property price falls in perspective01:26last_img