Ocean Shores prices hold up
THE housing market in Ocean Shores has prevailed in the current economic crisis with impressive results, according to the latest research.
Figures released this month from Colliers International show during the year ending September 2008, the median house price increased by $95,000, equating to 21.8 per cent growth to register $530,000 for the period.
This is a 12.1 per cent increase above the five-year compounding growth rate of 9.7 per cent per annum.
Despite the bright statistics, sales have suffered, with only 45 sales during the same period; a 59 per cent decrease on the previous year.
Despite the lack of sales, prices were still big. Housing property valued between $400,000 and $499,999 as well as the $700,000 plus each receiving 27 per cent of the total sales.
The most affordable sale took place in Narrogal Court, Ocean Shores for $385,000 on land 870 sq/m, while the highest-priced sale occurred in Ocean Avenue, New Brighton for $1.8 million on 950sq/m.
During the same period how- ever, the unit market in Ocean Shores experienced fluctuations.
Median price increased by $36,250 in the first six months of the year ending September 2008 before decreasing by $32,500 for the last six months.
There is still a solid market for higher-priced stock, with 16 per cent of total sales settling for at least $700,000.
The research suggests fluctuations of price could be due to the release of new developments in what is a relatively small unit market.
It shows that as the housing market becomes less affordable, the unit market should emerge with increasing levels of demand.