Incentives win over Gold Coast buyers

Sales in the newly built Gold Coast apartment market climbed and supply fell in the December 2009 quarter, according to a report from Colliers International.

Agents reported 194 unconditional sales during the quarter across 74 projects, the Gold Coast Apartment Report says, making December 2009 the highest-selling quarter since June 2008.

The result also meant the Gold Coast had the lowest supply of new apartments unsold since December 2007, the report says.

"The whole of 2009 saw a total of 650 new apartment sales across the Gold Coast and northern New South Wales," it notes.

"In terms of raw sales numbers this figure is down by around 47 per cent over the figure for 2008.

"Unconditional sales during 2009 were price driven, with the projects which were willing to discount prices and offer incentives achieving the better sales rates.

"Investors are showing some confidence but it seems confined to the lower-priced stock within the new apartment market."