Apartment sales in Brisbane and on the Gold Coast in Q1 2012 have exceeded Q4 2011 volumes - the Gold Coast recorded the most sales in 12 months and Brisbane the most sales in nine years, according to Colliers International.
Apartment sales on the Gold Coast have also increased in volume for the first time in 12 months. Colliers International’s Gold Coast Apartment Report found there was a 49 percent increase in new apartment sales over Q1 2012, compared to Q4 2011.
However, the report also says the number of new apartment projects on the Gold and Tweed Coasts has almost halved in the past three years.
A 2009 Gold Coast Apartment Report surveyed as many as 80 projects; currently the number is under 50, which is the lowest level since 2004.
Looking ahead, Colliers says with no new stock entering the market in the short term, it is likely supply shortages will occur in some areas.
Brisbane’s first quarter recorded the highest number of sales in nine years, of 365 sales across 47 surveyed projects.
Supply also declined over the quarter in Brisbane. The number of apartments available decreased by 12 percent to 2250, down from 2551 in Q4 2011.
Colliers says demand in Brisbane will continue, particularly for new apartments that are affordably priced.
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