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Property fire sales on the rise

14 September 2009 Reporter

The number of prestige properties being sold at mortgagee auctions is on the rise, data from Colliers International has found.

About 500 apartments and houses from failed new projects are expected to be sold before December.

The great majority of failed projects are in Queensland, with 72 apartments and houses in new Gold Coast projects offloaded by receivers in the last 12 weeks.

Six weeks ago, 20 apartments from the Illana Aqua project were sold at a mortgagee auction on the Gold Coast’s Hope Island.

Colliers International’s managing director Grant Dearlove said four penthouses valued at $1.4 million in the boom sold for $660,000 each.

“They sold for less than they cost to build,” he said.

Property fire sales on the rise
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