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top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
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Property fire sales on the rise

By Staff Reporter
14 September 2009 | 1 minute read

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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Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.