Improvements in apartment sales in Queensland have prompted many housing experts to state that the worst may be over.
The May quarter saw 116 high-rise units sold in Queensland, and demand was strongest at the bottom end, with almost half of the recorded Gold Coast high-rise sales recorded at the Brighton on Broadwater complex by the Harry Triguboff-backed company Meriton.
Bill Morris, author of the Midwood Queensland Investment Report says that this result is encouraging compared previous quarters. Despite this figure still being less than the same time last year, he believes the worst may now be over for the Australian property market.
"We have probably hit the bottom of the market," he said.
Buyers are mainly paying under $500,000 and a Meriton spokesman said 30 per cent were first-home buyers.
Lower interest rates have allowed many owner to rent out high-rise apartments during the financial crisis, rather than sell at fire-sale prices.
Small improvements in economic data have also prompted the Reserve Bank of Australia to predict a recovery may soon be on the way. The RBA argues that recent economic news has been more positive, particularly from China and India, two of the biggest customers for Australia's commodity exports, and that local indicators have also been surprisingly positive.
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