Prestige sales up

MAY 2010

PRESTIGE property in Queensland is showing signs of recovery if sales figures released by Mirvac stack up.

The ASX-listed developer sold close to $30 million in $1 million plus apartments in the first three months of the year.

Buyers splashed out an average of $1.8 million for a total of 16 prime waterfront apartments and homes in Mirvac developments on the Gold Coast, in Brisbane and in Townsville.

Mirvac’s star performers were the Brisbane River front projects Waterfront Newstead and Tennyson Reach, on the Gold Coast the glitter strip’s only medium density island development, Ephraim Island and in Townsville the Mariner’s Peninsula development.

Mirvac Queensland CEO of development Matthew Wallace, says the renewed interest in prestige property is encouraging.

“The Sydney and Melbourne markets have been relatively strong for some time with Queensland lagging, but in the last three months there has been a district turn around,” he says.

“With Australia’s economic conditions continuing to improve and business owners starting to see some light at the end of the tunnel we believe the prestige sector will continue to receive support.”

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