Surfers Paradise
Surfers Paradise. Photo – Canva.
  • After a period in the doldrums, the Surfers Paradise units market is moving
  • With limits on travel, some buyers have used virtual tours to inspect listings
  • There are 1,200 listings in the 'Glitter Strip', average unit asking price is up to $470K

Interstate buyers are helping drive a significant upswing in the Surfers Paradise unit market – even though many people have remained in their hometowns throughout the transaction.

An increasing number of those staying at home are keeping a check on the property scene using online virtual tours.

A sharp uptake in online tours may be helping move units on the ‘Glitter Strip’, which had been recording fairly underwhelming results for more than a decade.

Average days on market for Surfers Paradise units had been stuck around 180 days, but some local agents are now selling unit stock in less than quarter of that time. Total available listings have been falling…

Surfer’s Paradise, Listings on the Market, since 2018

Ray White Surfers Paradise sales agent Glen Williams has sold 10 units over the past three months, with average days on market of just 34 days, with one of his most recent sales taking only two weeks.

“The unit market in Surfers Paradise is the best I’ve seen since about 2002 or 2003, with plenty of interest from interstate buyers as well – even though many aren’t physically on the coast.”

Glen Williams, Ray White Surfers Paradise

Mr Williams said lockdowns prevented many buyers from near and far from physically inspecting properties over the past year, but technological advances had helped to underpin sales results regardless.

“Whether they’re from Melbourne or Mudgeeraba, virtual tours enable potential buyers to assess a property without ever setting foot in it,” he said.

“On top of that, the tours provide the opportunity for buyers to recap on its features after they have inspected it, which is always a valuable refresher for them.”

Surfer’s Paradise, Asking Prices, since 2013

[Select part of the chart to zoom in on various years, and ‘reset zoom’ button to return]

Nearly 2,300 virtual tour inspections were conducted by potential buyers for Mr Williams’ last 10 unit sales in Surfers Paradise, including a significant proportion from interstate.

Virtual Tours Australia CEO Josh Callaghan said 3D tours had been growing in popularity with buyers and sellers before the pandemic, but the lockdowns had boosted interest in the digital sales tool.

Virtual Tours Australia is Australia’s largest provider of Virtual Open homes.

“While market conditions are strengthening in many locations, agents and sellers are keen to capture all potential buyers, including those who are in other parts of the country and who may still be hesitant to travel,” he said.

Mr Callaghan said that in the past six months potential buyers had conducted more than a million virtual inspections across the country.

“Even without the pandemic, providing the ability for buyers to have a second look through a property virtually is the next stage in the evolution of real estate sales,” he said.

“What we’re experiencing is an acceleration of adoption as people see that virtual tours help to drive superior sales outcomes.”

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