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$1m units in demand
Thursday, July 29, 2010
Brisbane's high-end apartment market had experienced a surge in demand with the latest figures revealing a 33 per cent increase in sales in the past year.
While 2009 was a fairly dire year for the luxury end of the market, new research shows sales in the million-dollar-plus market have steadily improved, with a noticeable shift in the past six months.
Results are far from the heights reached late in 2007 and early in 2008, but showed the market was starting to come back.
It's more of a sign there are good things to come. Sales activity is not awesome anywhere in Brisbane at the moment, but median prices are starting to pick up.
There had been predictions early last year that median prices for apartments could soften as much as 50 per cent, but that had not eventuated.
During the six months to March 2010 there were 105 settled apartment sales for more the $1 million within the inner ring of the Brisbane CBD - up from 79 sales for the same period a year earlier.
Forty-eight per cent of sales in the six months to March 2010 had been for between $1 million and $1.5 million.
The Brisbane CBD and New Farm account for 19 and 21 sales respectively.
About 30 per cent of inquiries for $1 million-plus apartments during the period were from overseas.
- Michelle Hele, Property Editor, Courier Mail