DEMAND for houses has become so great in one Gold Coast suburb that buyers are making cash offers and agents are scrambling over listings.
Varsity Lakes has become the Coast’s fastest-selling suburb with homes in the year to October 2016 lasting on average only 19 days on the market, down from 46 days at the same time the previous year.
CoreLogic figures show the city’s average is 35 days on the market.
Professional motorcycle racer Troy Herfoss, 29 and his partner Emily Roper, 22, spent six months trying to enter the property market in Varsity Lakes.
The pair will next week settle on a three-bedroom house that cost them $610,000.
“I found that by the time I got to inspections the sale was practically already done,” he said.
“For this one we managed to get an inspection earlier in the week before the weekend inspections. We liked it so we made a decent offer.”
The central location was a major drawcard for the couple.
“It’s close to the beach but far enough away to be nice and quiet,” he said.
Harcourts Coastal agent Michelle Wegener, who sold Mr Herfoss his house, said the suburb’s schools, business district, Bond University, train station and its proximity to Robina Town Centre and the M1 made it an attractive option for buyers.
“It’s not a very big suburb so stock is limited,” Ms Wegener said.
“And I find the Varsity CBD hosts a lot of workers who want to live and work in the same area.”
Remax Regency Gold Coast selling agent Darren Lewis said it was no surprise Varsity Lakes had the lowest days on market figure.
This week he settled on a five-bedroom home on Port Peyra Cres for $1.45 million.
“We sold it to an Asian woman on her first inspection,” he said.
“She had a cash offer.”
He said there was not enough stock to meet buyer demand with many agents desperate for new listings.
“There’s a lack of supply of houses and everybody is aware of the current market. No one is wanting to miss out on a good opportunity.”
FASTEST SELLING
Average days on market for houses (12 months to October 2016)
Varsity Lakes, 19
Carrara, 20
Pacific Pines, 20
Reedy Creek, 22
Mudgeeraba, 23
SLOWEST SELLING
Currumbin Valley, 140
Tallebudgera Valley 121
Clagiraba 113
Springbrook, 101
Wongawallan, 100
Yatala, 100
Original Published: http://www.goldcoastbulletin.com.au/