Signs of recovery for Gold Coast market

A long awaited stabilisation of the Gold Coast apartment market may have finally arrived with high-rise clearance rates recovering in the May quarter.

According to the Midwood Queensland Investment Report, 79 high rise apartments were sold in the May 2009 quarter, The Australian reported today.

While this compared to 248 in the same period last year, it was a strong result compared to just 37 and 49 sales in the two previous quarters.

"We have probably hit the bottom of the market," commented Bill Morris, author of the Midwood Report.

Demand at the lower end of the market was strongest, according to the report, with almost half of sales recorded at the Brighton on Broadwater complex by Meriton.

Most buyers paid less than $500,000 with 30 per cent being first home buyers, a Meriton spokesperson said.