Post a Comment On: Brisbane Apartment

The front page of the AFR on Wednesday, 9 March 2011:
"Gold Coast Sinking in Units Glut"
Summary:2000 apartments worth an estimated $2 billion listed for salefew buyersdire oversupplyonly 300 apartments are selling on average each yearbetween 5 and 7 year supply of apartmentshigh asking prices and a reluctance by banks to lend had compounded the oversupply problemNAB less likely to lend to the Gold Coast apartment marketMr Korda, receiver for The Oracle, estimates average apartment price for the past 10 years has been about $400,000, while the average price for an Oracle unit is $1.2M.Soul will add to the glut, where the average asking price for the top third of the 77 storey building is $3.87 million."If you have a $1 million apartment, you could probably only get bank finance for $360,000" Mr Korda said.Its a price point and liquidity issue.