Sales for Oracle project on Broadbeach rise

Apartments for sale in Broadbeach as part of the Oracle project have seen a boost in sales over the last 12 months.

The Gold Coast Bulletin reports that 100 units have traded hands which is in stark contrast to a year ago when only ten were sold.

Head of property with advisory firm KordaMentha Berrick Wilson told the publication that buyers are noticing that the market has already bottomed out.

He commented: "Despite some reports, we have found local buyers to be behind the resurging Gold Coast property market," he said.

"Mid and higher-end apartments have attracted the most interest, with residents either making the change from a house to apartment living or trading up from older apartment buildings."

Receivers were handed control of the Oracle after the company that built it went into financial trouble in late 2010. The development was marketed to the public a year ago and since then the biggest sale has been a $2.85 million ocean facing, three bedroom home on the 48th floor.

As well as high priced penthouses, one bedroom units on the ground floor sold for $460,000 which is less than half what the people paid off the plan seven years ago.