``A lot of the apartments that have been bought off the plans say 18 months to two years ago are selling for $100,000 to $200,000 less than people paid for them because there's just an oversupply."
Friday, February 27, 2009
Sunday, February 22, 2009
7041/7 Parkland Boulevard, Brisbane
3 bedrooms, 2 bathrooms, 2 car parks
In 2006, it was listed for sale for $685,000.
Sold at auction on 21 February 2009 for $730,000
Friday, February 20, 2009
"Mr Pointon said occupancy rates in Oaks's regional properties during January were 80-90 per cent and while its Sydney properties recorded 90 per cent, Melbourne 75 per cent, Adelaide 85 per cent, Brisbane 70 per cent and Auckland 77 per cent."Source: The Australian
"The old belief that because of scarcity these properties would not fall much in this market, while more common housing stock would have bigger losses because of the amount available, has not proved correct. According to RP Data national research director Tim Lawless, this theory held true until recently when margin calls, devalued share portfolios, low company profits and lower than expected executive bonuses brought new conditions to the prestige sector. Now there is simply less discretionary income and lower demand for expensive homes.
"Demand has virtually come to a halt in some inner city areas," Lawless says.
RP Data has a stratified median house price index that divides each market into 10 layers, allowing analysis of different price segments.
In Brisbane, the most expensive tier fell 9 per cent and the least expensive fell 3 per cent.
Because no real improvement in business conditions is in sight, demand for prestige homes will remain relatively low, RP Data says"