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By Courtney Meers, Bond University journalism student
Varsity Lakes homeowners have only lost minimally on the value of their properties, compared to the majority of Gold Coast suburbs.
Real Estate Institute of Queensland (REIQ) sales figures have shown that since 2003, the value of some Gold Coast properties has dropped up to 30 per cent.
Real estate agents claim the Gold Coast has been one of the hardest hit cities, partly because a large proportion of the economy is based on real estate development and construction.
Real estate agent Ian Mills said Varsity Lakes had fared better than many suburbs.
“Varsity Lakes has been affected by the economic downturn, but not as badly as other areas of the Gold Coast with higher median prices,” Mr Mills said.
“Prices are down 10 to 15 per cent, whereas other suburbs are down 20 to 30 per cent.”
While real estate agents are optimistic about the area, homeowners have expressed concern about the devaluation of their property.
Homeowner Valerie Roberts has lived in the area for 10 years and has never seen the value of properties in the area drop this low.
“The market has taken hits before, but I have never seen Varsity, as well as the Gold Coast, lose value this significantly,” Mrs Roberts said.
“The market has been down for a while now, and we still haven’t seen any improvements.”
However, Mr Mills said there were some encouraging signs for homeowners.
“We may see some growth in the next few years, but many are predicting a decade long flat market,” Mr Mills said.
“The news of the Commonwealth Games, strong buyer enquiry and interest rate forecasts should at least prevent further downturns on the Gold Coast.”
Caption: Varsity Lakes real estate agent Ian Mills remains optimistic about the economic downturn.
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