Property market update

RE/MAX broker/owner James Bovell presents an in-depth look at statistics that include not only the average price of house sales but also the median, to give a fuller picture for readers. 

Focussing on condos along the Seven Mile Beach corridor, the charts accompanying this story show the number of units sold and the median and average sale price for both two bed and less and two bed plus den and greater condos from the beginning of 2008 to the end of the second quarter 2012, a particularly challenging time for property values. 

While the number of sales of two bed or less condos has remained fairly static, the price has fallen significantly during this period. 

With regard to higher priced properties, the good news is that the volume of transactions for two bed plus den and greater is growing and prices are climbing back up. 

It should be noted that the 2012 figures do not include the 12 WaterColours units that sold, which will eventually significantly drive up the average price as these luxurious properties begin at the 3 million dollar mark. 

Even though the market was tough, 2008 still showed some sales of several 3 and 4 million dollar condos – Water’s Edge, Mandalay – and we expect that once the WaterColours units are included as these are done retroactively once the units are handed over to the new owners, the average price will exceed that of 2008.