Gold Coast market segment sees rising sales volumes

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By Robert Carry

Sales of vacant allotments and house/land packages in the Gold Coast increased for the second consecutive quarter in the three months to June 2009, the latest Prodap Report has revealed.

Aggregate sales of vacant land and housing packages in the June quarter hit 737, up 36% on the March quarter and 151% in the December quarter 2008.

Bill Morris from Prodap Property Market Research said that improvements in sales volumes occurred in the north-western Gold Coast suburb of Gaven and in the Coomera-Pimpama-Ormeau corridor.

"Seven development projects recorded more than 30 sales for the June quarter, a respectable result for any land developer," said Morris.

He continued, "Our information from the major developers is that approximately 50% of sales were to first home buyers, higher than normal levels of 25-30%, due to the imminent ending of the First Home Owner Grant. However, the increase in sales volume was also influenced by low interest rates available to all purchasers."

Morris added that a number of new development projects are still faced with funding challenges, although research revealed a number of large housing projects with development approvals and the financial capacity to launch into production at short notice.

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