GOLD Coast nightclub owner Jamie Pickering is reported to have paid $2.5 million for a penthouse in the Circle on Cavill building.

The price is a sharp drop from the $5.95 million another investor paid developer Sunland for the flat, off the plan.

The result vindicates researchers who report some Gold Coast values have collapsed by more than 50 per cent since the economic downturn took hold in 2008. Some agencies report clearance rates as low as 10 per cent.

That said, a four bedroom waterfront home at Paradise Waters sold for $4.8 million. However that price was far less than the $5.8 million another investor paid for it, in 2005.

Read more...