Property

Unit and townhouse activity grows

QUEENSLAND units and townhouses have followed the positive lead of the house market, according to the latest Real Estate Institute of Queensland (REIQ) data.

The REIQ's December Queensland Market Monitor (QMM), released today, showed the numbers of unit and townhouse sales across the State continued the property market's upward trend compared to the year before.

The numbers of unit and townhouse sales increased 8.9 per cent in the December quarter 2012 compared to the same period in 2011.

>> Download the data and see for yourself

REIQ CEO Anton Kardash said the driving force behind the improving sales volumes was the southeast corner.

"Compared to the December quarter in 2011, the numbers of sales in Brisbane and the Gold and Sunshine coasts continues to trend upwards, which of course partly reflects the concentration of, and demand for, these types of properties in South East Queensland," he said.

"Also this quarter, there has been an increase in the numbers of affordable unit sales across the State, especially for properties priced between $250,000 and $350,000, as buyers take advantage of some attractively-priced properties.

"And Brisbane has posted its second quarter where the annual median price change has been in the positive, which is another sign that prices are heading in the right direction once more."

According to the QMM, the numbers of sales in Brisbane was up 16 per cent compared to the December quarter in 2011; sales on the Gold Coast were up 8 per cent; and on the Sunshine Coast, the sales numbers increased an impressive 23 per cent over the same periods.

"The median price of units and townhouses on the Sunshine Coast also increased 1.1 per cent to $328,500 over the quarter with Noosa Heads and Noosaville also both recording price growth," Mr Kardash said.

The Brisbane median unit price decreased 4 per cent to $389,000 over the quarter but posted an increase of 0.3 per cent over the year ending December. Over the period there was also a marked rise in the numbers of sales between $250,000 and $350,000 which reduced the overall median price.

"Inner Brisbane suburbs continue to do well with median prices in New Farm and South Brisbane all posting solid price growth," Mr Kardash said.

"Brisbane's middle ring suburbs have also recorded some good results with Mount Gravatt East edging up 6.6 per cent over the quarter and Morningside recording growth of 9.9 per cent."

Cairns recording median unit price growth of 5.5 per cent to $205,000 over the December quarter and also posted an increase in sales of 8 per cent compared to the same period in 2011.

"While there has been an increase in demand for units in the Cairns region, discounting has been partly responsible for this rise in interest as the area is still struggling with high body corporate and insurance levies following Cyclone Yasi more than two years ago," Mr Kardash said.

According to the QMM, Townsville posted median unit price growth of 10.3 per cent to $308,875 over the December quarter however this was partly due to the compositional change in sales over the period. That is, the numbers of sales in the $350,000 to $500,000 price range increased significantly over the quarter which pushed the overall median price up.

Topics:  housing, market, reiq, townhouses, units


Stay Connected

Update your news preferences and get the latest news delivered to your inbox.

IS IT POSSIBLE? How to live alongside flying-foxes

A vexed questionof living with flying foxes will be discussed this Friday at the NPA forum.

THE conflict between urbanites and wildlife has a new battleground

Gamblers can beat betting

BEAT IT: Recovered gambling addict Blayne Marcantelli gives an emotional address at the Responsible Gambling Awareness screening of the movie, Broke, at Ballina Cinema.

Lismore Baker raises awareness for problem gambling.

Elder’s art tells tales of past for today’s kids

INSPIRING: Uncle Digby Moran with Lismore Heights Public student Shannyah Hope at Lismore Regional Gallery.

Bundjalung Elder teaches heritage through art and stories.

Latest deals and offers

WATCH: Local artists ‘paint’ the Opera House with light

RHONDA Roberts and Karla Dickens' work will be seen by millions of visitors and Sydney-siders from tonight.

IS IT POSSIBLE? How to live alongside flying-foxes

A vexed questionof living with flying foxes will be discussed this Friday at the NPA forum.

THE conflict between urbanites and wildlife has a new battleground

Gamblers can beat betting

BEAT IT: Recovered gambling addict Blayne Marcantelli gives an emotional address at the Responsible Gambling Awareness screening of the movie, Broke, at Ballina Cinema.

Lismore Baker raises awareness for problem gambling.

Elder’s art tells tales of past for today’s kids

INSPIRING: Uncle Digby Moran with Lismore Heights Public student Shannyah Hope at Lismore Regional Gallery.

Bundjalung Elder teaches heritage through art and stories.

NSW lags but North Coast booms on renewable energy

But Northern Rivers moving ahead at "cracking pace"

VIDEO: The fastest, easiest way to peel a potato?

There is a fast way to peel potatoes.

This 30-second video shows how quickly you can peel a potato

The best retro movies of the week? May 27 - June 3

Gregory Peck Photo Contributed

This week TV fan get to see Tom Cruise in a 1980s classics

Perfect time to invest in Northern Rivers property

The Northern Rivers rental market is tighter than Sydney making it the perfect time for investors to get better returns out of property than superannuation or banks deposits.

Low interest rates and tight rental market are prime time to invest