Kirra tops high-rise sales
GOLD Coast high-rise sales were at a two-year high in the three months to November last year, according to property advisors.
A Midwood report stated that there were 74 high-rise sales in the quarter to November 2011 - the highest the company has reported in the past two years.
Two developments contributed more than half of these sales, Nirvana by the Sea at Kirra (33) and Southport Central (16).
The report stated that stock was tight with a two-year supply in the pipeline based on the last quarter's sales' levels.
Midwood Report author Bill Morris said the supply was "pretty normal" but it did not include the 357-apartment development at Southport, H2O.
"They are not selling because they don't think they will get the prices they need," Mr Morris said.
"It is an indication of no confidence in the market.
"The stock number on the Gold Coast had been falling over the last year and a half."
Mr Morris said buyers were looking for apartments under $600,000, but developers were struggling to deliver apartments at that price.
"They are finding it very difficult with land costs so high," he said.
