Buy now or regret it later: Bell
BUYERS looking for new Gold Coast high-rise apartments should move now or risk being shut out of the market over the next five years, according to Gold Coast real estate agent Andrew Bell.
Mr Bell said now was the time to move before stock levels continued to dwindle.Hey, I'm working on commission over here. I need a little help.
"My advice would be that if you want to buy new apartments on the Gold Coast then you would want to make your move very soon," he said.
Meanwhile, in the reality corner:
Floods and debt leave Queensland banks drenched and in need of mutual solace
Share prices of Suncorp and Bank of Queensland fell after the Standard & Poor's warning, and in the past few weeks companies including Virgin Blue, Woolworths, Macarthur Coal, QR National and Energy Resources Australia have issued profit warnings partly linked to the floods.
But this is just the beginning of profit downgrades as banks, insurance companies, mining companies and retail groups start to tally the direct and indirect impact of the floods and other tough market conditions.
Even before the floods there were concerns that the values of at least 30 per cent of Gold Coast properties were lower than that of their mortgages. House prices are flat, and the property group Mirvac announced last Wednesday that it had made a $215 million provision on zero-margin projects and unsold stock in poorly performing regional markets. Put all that together and you have to wonder whether banks are providing full disclosure of "Gold Coast to Noosa" properties, especially holiday homes.