Real estate construction and building approvals have seen some positive results throughout 2013 and many projects have gone underway to meet the demand.
As a result, housing supply has increased in many areas of the country, leading to more stock for buyers to choose from. However, an interesting trend that has been evident in some areas around the country is the rise in sales of luxury apartments.
Unit sales rise
Over the September 2013 quarter, the Real Estate Institute of Queensland (REIQ) reported a "significant climb" in sales of residential units and townhouses. During this period, the REIQ found preliminary numbers of unit sales rose by 14 per cent across the state. This brings the figure to a level 12 per cent higher than the same time last year.
However, during the September quarter, the number of residential units and townhouses on the Gold Coast priced over $1 million increased by a substantial 21 percent. Over the year, this figure rose by 65 per cent, showing strength in the luxury property sector in this region.
In Brisbane, results were even stronger. Over the September quarter, sales of units and townhouses priced over $1 million in Brisbane grew by 41 per cent. This translates into a staggering 108 per cent over the year.
The REIQ attributed this growth largely to the high level of off-the-plan developments currently underway in the state and throughout the capital. This has created more desirable stock on the market for both investors and homebuyers to choose from.
Securing a luxury abode
Buying a piece of real estate is a significant financial decision. However, this can become an even more important decision when you are purchasing a luxury property.
As a luxury buyer, it's likely you will have specific wants and needs, and you may have to significantly restrict your search in order to find a home that will be comfortable for you and a great investment for many years to come.
For professional advice and assistance with your luxury real estate purchase, get in touch with the best at Ray White. We have a network of luxury real estate agents all over the country to help you find a home suited to your lifestyle or your investment portfolio.
