The Gold Coast is the boom/bust capital of Australia, the touchstone for speculative fervor and a leading indicator of nation-wide property trends. House prices on the GC peaked during 2007 and have been on the slide ever since.
The boost to the FHOG in 2009/10 slowed the decline (and saw new all-time highs in house prices in Sydney & Melbourne). These inept policies merely brought forward demand & lured the most marginal borrowers (FHBs) into the market at the worst posible time (as average national house prices peaked).
The demand vacuum since the expiration of the boost, combined with the recent end to state grants, has seen house sale volumes fall to 1996 levels & credit growth crash to 35-year lows. We can expect nation-wide house prices to follow.
