News
Media Articles -Courier mail 6/3/2010
Sales hit 18-month highs as stock levels drop Hints of Coast revival in units
Melissa Ketchell
HOUSING EDITOR
Brinton
Keath
tinues and no
new projects are launched, we expect pressure on supply levels within the next 12 months," Ms Campbell said.
For the Gold and Tweed
THE highest quarterly sales volumes in 18 months have Colliers International's Brinton Keath upbeat about the beleaguered Gold Coast unit market. In the three months to December 2009, 143 apartments were
sold for an average of $733,840. It was the best result for the sector in the past 18 months. In the June quarter of 2008, 224 units were traded before volumes plunged to 58 deals the following quarter. But the recent boost to sales and a scarcity of new projects has seen stock levels also drop. There are 1978 new units for sale on the Gold and Tweed coasts - the lowest number since December 2007.
According to Colliers International research manager Lynda Campbell, it's the lowest number in two years.
"If the upswing in sales concoasts over 2009, 643 units were sold - down 47 per cent on the previous year. Ms Campbell said price was
driving the sales, with best results in projects where developers discounted prices and offered incentives. "Investors are showing some confidence, but it seems confined to the lower-priced units within the new apartment market," she said. Despite lots of development approvals being in place, very few new highrise towers are expected to start this year because of difficulty in snaring financial funding.
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