Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Jonathan Chancellor

28 November 2012

Mirvac refunding all off the plan deposits for postponed Brisbane and Townsville residential projects

Mirvac has confirmed its refunding off the plan deposits for Brisbane and Townsville residential projects.

Construction was scheduled to commence on two key apartment projects this financial year, but given the limited sales and concerns on the off the plan market's immediate future looked, Mirvac's John Carfi confirmed to The Courier Mail that contracts had been cancelled and deposits refunded.

The first stage of Foreshore Hamilton was to be a 23-storey building with 263 apartments. Only three of the apartments had been sold, the paper noted. Prices of one bedroom apartments started from $345,000.

The final stage of Mariners Peninsula, The Point, Townsville was to be a 15-storey building with 71 apartments. Some 27 had been reportedly sold.

It was possible within about 18 months that Mirvac would reconsider a fresh start on both projects.

Mr Carfi said despite there being strong economic fundamentals evident in Queensland, confidence was at an all-time low.

"With the Queensland market, it is difficult to see what the catalyst is going to be (to improve confidence),'' he said.