This article is from the Australian Property Journal archive
MIRVAC has reported a jump in residential sales across its Queensland projects thanks to lower interest rates.
Last month, the group sold more than $10 million in residential property. Sales were made at Mossvale on Manly, The Sanctuary on Moggill, Ephraim Island, Mariner’s Peninsula, Waterline – Bulimba and Tennyson Reach.
Sales included vacant dry and waterfront residential land, completed house and land packages, luxury apartments and a beach house.
Mirvac QLD chief executive of development Matthew Wallace said the cut in interest rates has had a definite impact on the market.
“Virtually from the first announcement we have noticed an improvement in numbers through our projects and also in bottom line sales.
“Our view is that the gloom and doom may have been a bit overdone and with rates trending down and also the increase in the first home owners grants allowance people have decided to act now,” he added.
The highest price paid was $2.650 million for a beach house at the Mariner’s Peninsula development in Townsville. The lowest price paid was for a vacant block of land at Sanctuary on Moggill for $200,000.
Wallace said apartments at Ephraim Island on the northern Gold Coast and Tennyson Reach in Brisbane had sold for $965,000 and $995,000 respectively.
“The fundamentals in Queensland are still sound with ongoing interstate migration, no real over supply and also an economy which is holding up quite well given the world economic situation,” he concluded.
Australian Property Journal
