Figures from the second quarter highlight the fact supply is diminishing producing higher prices. During the second quarter there were only 95 apartment sales totalling $42,018,100. The average price of an apartment sold in the second quarter rose 6.4% to $442,295, a very strong result for a three month period.
Again buyer origins were predominantly locally based with 67% of buyers originating from local areas and 22% being from the wider QLD area. Only 1 purchaser came from WA and NSW and 2 from Victoria.
This highlights the growing confidence locally in our market. Local buyers know the market and are showing no signs of hesitation. Other markets across Australia have begun to slow including WA which has been in an incredible cycle for the past 2 years, whilst many areas of NSW and Victoria have also slowed a little accounting for the decreased activity in our market from buyers from these areas.
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