news

GFC lingers in Qld

By webmaster

The post effects of the global financial crisis are starting to be felt by Queensland’s property market.

According to the latest Midwood Report, Brisbane has recorded the lowest number of unconditional high-rise developer sales in 18 months at 133 new sales for the three months ending November.

In addition, sales of new apartments throughout Queensland’s major regions have almost halved to a total of 393 sales in the three months ending 30 November 2010, compared to 831 sales in the previous corresponding period.

Midwood Report author Bill Morris said unconditional sales in new developer high-rise apartments plummeted to just 47 in the Gold Coast, the lowest on the report’s records since the November 2008 quarter, during the GFC.

“High-rise developer stock on the Gold Coast has fallen substantially, from a peak of 1,383 apartments at 30 November 2008 to 792 at 30 November 2010,” Mr Morris said.

“This is the result of some mortgagee stock being taken off the market, as well as lower number of completions over the past two years.”

According to Mr Morris, the GFC is still alive and present in Queensland as financers await settlement success rates on existing projects before lending on new projects.

“There has been trepidation regrading the outcome of settlement success rates at Oracle at Broadbeach and HiltonHilton, SA Hilton, WA at Surfers Paradise on the Gold Coast. However, both the developers and their funders are reporting a high proportion of settlements,” he said.

GFC lingers in Qld
SPI logo
Thank you.

Your enquiry has been sent to a local Aussie Mortgage Broker.

We will be in contact with you shortly.
Opps.

error occurred.
Unfortunately Aussie cannot attend to your home loan related enquiry at this stage as you must be a citizen or permanent resident.
Do you need help finding the right loan for your investment?
What Aussie do for you:
  • Give expert mortgage advice to help you find great investment loan deals
  • Help you maximise return by lowering financing costs
  • Save you time and effort by helping with the paperwork
First name
Last name
Location
Mobile Number
Are you an Australian Resident?
promoted stories

Top Suburbs

Highest annual price growth - click a suburb below to view full profile data:
1.
BLUE BAY 49.18%
2.
PAMBULA 43.5%
3.
BERKELEY VALE 42.74%
4.
POINT PIPER 40.52%
5.
NORTH TURRAMURRA 38.12%