Apartment sales signal sustained property growth in SEQ
December 18, 2013
With recent figures from RP Data indicating apartment sales volumes have increased by 27 per cent on the Sunshine Coast over the last 12 months, independent property analyst Michael Matusik has declared things are looking up for the South East Queensland property market.
Mr Matusik said South East Queensland had just started to enter its growth phase, ending a tough period following the Global Financial Crisis (GFC).
“The South East Queensland property market has been somewhat subdued for the last few years, with political uncertainty prior to the recent election having exacerbated the post-GFC conditions,” Mr Matusik said.
“We’re now seeing positive signs of growth and the tipping point between caution and optimism amongst buyers has definitely passed.”
Mr Matusik said while textbooks often talked about a seven-year property cycle, Australian statistics suggested the nation’s property cycle lasted approximately eight years.
“I think we can expect to see roughly five years of sustained growth in South East Queensland now that apartment sales have begun to increase,” Mr Matusik said.
Reed Property Group Sales and Marketing Manager Jason Kollanyi said the Emporio development in Maroochydore was one of the local projects showing significant growth in sales, with Stage Two of the development already 80 per cent sold since its release earlier this year.
“Emporio is one of the largest property developments on the Sunshine Coast with Stage Two incorporating 82 one, two, and three-bedroom apartments,” Mr Kollanyi said.
“To have 80 per cent of these apartments sold this year alone is a real achievement and shows consumer confidence has returned. We are getting enquiries from investors as well as owner-occupiers with a number of enquiries from interstate as well.”
Mr Kollanyi said the rapid apartment sales had allowed builders RCQ Construction to commence work on the development as early as September 2013.
“In the few years following the Global Financial Crisis it was practically unheard of to see a development of this size achieving enough pre-sales to commence construction in such a short period of time,” Mr Kollanyi said.
Mr Kollanyi said construction of Stage Two of the development was on track for completion in mid-2014.
“The forming and pouring of the main structural floor slabs is currently continuing on-site and we expect this will be complete up to level five by Christmas,” Mr Kollanyi said.
Once all stages of Emporio are complete, the development will be home to a thriving market place, ground floor retail and restaurants, office space and 252 residential apartments.
More than 135 apartments are either already built or currently under construction and available commercial and retail space is filling quickly.
For an appointment to visit the Emporio sales suite, please call Reed Property Group Sales Executive Nick Criss on 5451 8500. For retail and office leasing enquiries, please call Reed Property Group Assistant Development Manager Lisa Dwyer on 5451 8500.
For more information regarding Emporio Stage Two apartments, visit www.emporio.net.au or Emporio’s Facebook pages for the latest updates and photos.
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Contact: Maya Gurry – Fresh PR & Marketing Mob: 0410 109 102 Email: maya@freshprm.com.au
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