Buyers of Queensland Commercial Properties are snapping up Bargains

Buyers of Queensland Commercial Properties are snapping up bargains as the state of the Real Estate sector remains distressed

Queensland has the highest number of distressed sales in the country with receivers moving to clear their books of commercial properties that have fallen victim to financial failure. 

More than 52% of advertised properties nationwide were listed by a Mortgagee, Receiver or Liquidator in the December quarter of 2012 were in Queensland.   However, the figure is an improvement on the previous quarter when 67.7 per cent of all commercial properties advertised on the Gold Coast in particular were receiver-instigated sales.  Across the city, 14 of the 27 commercial properties advertised in the quarter were distressed sales.   

They included the Marina Mirage retail precinct, failed residential projects at Hope Island and Coomera, commercial blocks in Southport, the Outrigger Hotel in Burleigh, a service station in Broadbeach, the Lost City Tavern at Upper Coomera, and a retirement facility at Tweed Heads, as well as residential and industrial sites in Runaway Bay, Southport and Coomera.  But these distressed properties were being snapped up faster and prices aren't increasing but the volume of sales are.   

We will continue to see more distressed properties advertised on the Gold Coast because sellers, who were previously hesitant about putting them on the market, are now more confident of achieving a sale which of course is making buyers very happy indeed.