Gold Coast Price Collapse

"Matusik Property Insights analyst Michael Matusik says the most dramatic price falls are in Gold Coast suburbs where premium and tourism-dependent holiday units are in oversupply. "Developers that have sold 60 to 80 per cent of the development are now looking for a profit or to break even so they quit the project and advertise apartments that were $1.1 million for $900,000," he says."

"L J Hooker's Surfers Paradise principal, John Newland, says apartments that sold for $1.4 million last year are being marketed for quick sales with asking prices about $800,000. He also reports a two-bedroom apartment with ocean views that sold last year for $580,000 is now listed for resale at $449,000. And another listed at $530,000 has been discounted to $439,000. Surfers International principal Malcolm Catchpole says an apartment that sold last year for $555,000 and rented at $560 a week is now on the market for $359,000."

For Full Story, See Domain