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AU Big spenders heralding a market revival in Queensland

Property Here - Monday, May 27, 2013

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MORE than $24 million in apartments have sold in just eight weeks as buyers go on a spending spree between Brisbane and Mackay.

Developer Reed Property Group has sold more than 60 apartments in four projects since early March.

Sales and marketing manager Jason Kollanyi said the results indicated a clear revival in the local market following the post-GFC struggle.

The developer has only one property remaining at The Parks in Sippy Downs, with construction due for completion next month.

"We have strong sales from Rivermarque in Mackay, which is currently under construction and attracting buyers from across Australia and oversees,'' Mr Kollanyi said.

Emporio in Maroochydore, and the Belise in Brisbane have also had strong sales.

Construction on both projects is expected to start later this year.

The average price of sold units was less than $400,000, with the lowest priced at $225,000.

Mr Kollanyi said positive cash-flows on many of the properties had contributed to the sales figures.

"The current market offers affordable pricing made even more attractive by the possibility of getting returns in the first year of owner-ship.''

He said the recent interest rate drop also indicated a ``very positive outlook for property sales going forward''.

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