Prestige Queensland sales seeing surge in interest
Queensland’s prestige stock is in the spotlight, with $1 million plus sales on the rise at nearly 20% above previous levels, according to Place Advisory.
In the last year, 2,334 homes have sold for $1 million or more in south-east Queensland, compared to 1,981 sales recorded in this bracket the year before.
Director of Place Advisory, Lachlan Walker, said that the sales in this bracket had peaked in 2010 before declining, and were now increasing again.
“With the way the figures are tracking and the state of the market at the moment we would expect the sales volumes in this price bracket over 2013 to be exceeded in 2014,” said Walker. Brisbane was the performer for these properties, with volumes up by 23% between 2012 and 2013.
YEAR | Sunshine Coast | Gold Coast | Brisbane | Total |
2004 | 459 | 777 | 685 | 1,921 |
2005 | 462 | 462 | 846 | 2,057 |
2006 | 540 | 1,051 | 938 | 2,529 |
2007 | 695 | 1,487 | 1,813 | 3,995 |
2008 | 404 | 921 | 1,177 | 2,502 |
2009 | 386 | 936 | 1,173 | 2,495 |
2010 | 386 | 888 | 1,353 | 2,627 |
2011 | 297 | 698 | 1,062 | 2,057 |
2012 | 305 | 580 | 1,096 | 1,981 |
The 2013 results saw a total of 2,334, with the breakdown being 322 on the Sunshine Coast, 668 on the Gold Coast and 1,344 in Brisbane.
Walker pointed to this increase as an overall positive sign, marking confidence in consumer’s perceptions of the market. Coinciding with this uptick in sales, the prices have also slightly improved, said Place CEO, Damian Hackett.
“While the improvement in Brisbane’s top end has particularly been noticeable from a volumes perspective, there has also been a slight increase in prices, and this is set to continue as the year progresses and momentum in the market only solidifies, with confidence rebounding,” he said.
Of all sales within the $1 million plus range, it is the $1 million to $1.49 million that is most popular, taking out 65% of all prestige sales.