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.”

Enjoyed this article?

Don't miss out on the knowledge and insights to be gained from our daily news and features.

Subscribe today to unlock unlimited access to in-depth business coverage, expert analysis, and exclusive content across all devices.

Support independent journalism and stay informed with stories that matter to you.

Subscribe now and get 50% off your first year!

Four time-saving tips for automating your investment portfolio
Partner Content
In today's fast-paced investment landscape, time is a valuable commodity. Fortunately, w...
Etoro
Advertisement

Related Stories

Accolade Wines owner buys French giant Pernod Ricard’s global wine assets

Accolade Wines owner buys French giant Pernod Ricard’s global wine assets

Australian Wine Holdco, a consortium that owns the country’s ...

Aussie boxing franchise UBX to enter United Arab Emirates

Aussie boxing franchise UBX to enter United Arab Emirates

Brisbane-based boxing franchise UBX has announced its eighth intern...

Zip Co raising up to $267 million to pay down debt

Zip Co raising up to $267 million to pay down debt

With shares in buy-now pay-later giant Zip Co (ASX: ZIP) now tradin...

Telstra fined $1.55m by ACMA for failings in thwarting SIM-swap scams

Telstra fined $1.55m by ACMA for failings in thwarting SIM-swap scams

A failure by Telstra to implement customer ID authentication proces...