GLENCORP'S Waterside Residential project at Woree has powered a spike in Cairns unit sales in the 2008 March quarter, a new report reveals.
Bucking a soft period in the Cairns residential sector, PRDnationwide's Property Watch report showed 457 unit sales in the quarter, up a massive 304 per cent on the quarter before.
The result is the highest number recorded since the first Property Watch in December 2004 and was based primarily on 314 off-the-plan sales at Waterside Residential.
Glencorp managing director Udo Jattke said Waterside Residential "was value for money" and most units had been bought byinvestors.
While he was proud of the project, Mr Jattke said council red tape meant he was unlikely to produce any similar projects in Cairns.
I don't know if people realise how hard it is to produce that kind of project," he said.
PRDnationwide researcher Dean Dederer said the previous record sales number was in the March 2007 quarter when there were less than 400 sales.
He said the result made Waterside Residential the fastest selling project in three-and-a-half years.
More than half the units sold were priced under $299,000, and 90 per cent were below $400,000, putting them in the more affordable end of the market.
"Ninety-seven per cent of the units were for permanent residential use, reflecting the strong demand for residential dwellings and increasing appeal of apartment living," Mr Dederer said.
Meanwhile, estimated gross sales for the quarter totalled $144 million, according to the report, with more than half priced under $299,000.
The weighted average sale price dropped from $450,000 for the December 2007 quarter to $315,000 for the March 2008 quarter.
More than 90 per cent of sales were recorded in the Cairns City area with a smattering at Port Douglas and the northernbeaches.
Other projects to attract strong sales were Benchmark Developments' two projects, Retreat Apartments and Botanicals and Hedley's two projects Vision and The Glades.
