Qld: Prestige apartments selling well in Qld

AAP General News (Australia)
04-30-2010
Qld: Prestige apartments selling well in Qld

By Tony Bartlett

GOLD COAST, April 30 AAP - Queensland's prestige property market is picking up.

It has started 2010 on a strong note with national, publicly listed property company
Mirvac selling $30 million worth of $1 million-plus apartments in the first three months.

Buyers have spent an average $1.8 million for 16 prime waterfront Mirvac properties
on the Gold Coast, Brisbane and Townsville.

Mirvac's Matthew Wallace says the Sydney and Melbourne markets have been relatively
strong for some time, with Queensland lagging.

"In the last three months there has been a distinct turnaround," he said.

"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."

Mirvac's four-star performers were the Brisbane riverfront projects Waterfront Newstead
and Tennyson Reach, the Gold Coast's only medium density island development, Ephraim Island
and in Townsville the Mariner's Peninsula development.

The four developments are worth in excess of $2.5 billion.

Mr Wallace said all the purchasers were owner-occupiers.

The Tennyson Reach sales ranged up to $2.845 million, properties at Mariner's Peninsula
in Townsville sold for an average of $2.4 million and Ephraim Island saw prices from $1.270
million up to $1.454 million.

AAP bart/pjo/it

KEYWORD: APARTMENTS (PIX AVAILABLE)

� 2010 AAP Information Services Pty Limited (AAP) or its Licensors.