The taller they are, the harder they fall: Q1 prices falling steeply from boom-time Surfers Paradise highs
It’s the tallest building in Australia, and the Q1 has recorded some of the steepest price falls over the past financial year.http://www.propertyobserver.com.au/quee ... 2062955345
Just one of the 28 recorded sales since July last year actually went up on its previous boom-time sale price.
The average price drop among the 27 price falls was 26% on its former boom-time sale.
The worst fall was 51% on the 57th floor, with a $970,000 mortgagee sale. It had fetched $2 million in 2006.
There were another seven sales reflecting declines of 40% or higher, three of which were on the upper floors with $1 million plus prices.
Just six of the sales were officially mortgagee sales.
The only apartment that went up was on the 23rd floor, and it was nothing special. It fetched $326,000 in January, having last sold at $321,000 in 2002.
The cheapest sale was $250,000 on the 12th floor, which was 21% less than its $318,000 off-the-plan sale price in 2002.
The priciest resale was $1.3 million on the 71st floor. It had sold at $2.32 million in 2003, reflecting an overall 41% drop, having also sold in the interim at $1.6 million in 2009.
There were also 28 apartment sales in the 2010-11 financial year with just one official mortgagee sale.
Q1 is ranked the world's third tallest residential tower after the 348-metre building The Marina Torch in Dubai won formal recognition as the tallest residential building in the world in April 2011.