Unit and townhouse prices on the increase in Queensland

Unit and townhouse prices on the increase in Queensland

Posted on Friday, September 07 2012 at 2:10 PM

The median price of units and townhouses increased across many parts of Queensland in the June quarter, according to the Real Estate Institute of Queensland (REIQ).

First homebuyers and investors also appear
to have emerged from the woods, with increased activity in the market, REIQ
chief executive Anthon Kardash says.

“Given the affordability of units and
townhouses, as well as their (typically) more central locations, first-time
buyers and investors often compete for this type of property which may be
partly responsible for the increases in median prices,” Kardash says.

Brisbane saw its unit and townhouse median
increase by 3.8 per cent to $402,500. There was also a jump in the number of
high-end unit sales in Brisbane’s CBD and city fringe suburbs, he says.

The suburb of Morningside, about eight
kilometres east of the CBD, posted a median increase of 10.8 per cent to
$460,000 over the quarter, up 4.1 per cent over the past year.

The top Queensland performer for unit and
townhouse median price growth was Gladstone, which recorded an increase of 6.1
per cent to $380,000.

The regional town, which continues to
benefit from major investment in liquefied natural gas operations, has
experienced increased unit and townhouse development activity in recent years
due to growing demand for accommodation.

Gladstone’s median house price sits at
$475,000 so smaller dwellings are a more affordable option for many buyers,
Kardash says.

The Whitsunday region also performed well
over the quarter, recording a median unit and townhouse increase of 5.3 per
cent to $300,000.

“As was the
case with the house market, there was reduced unit and townhouse sales activity
over the June quarter as many buyers waited for the return of the stamp duty
concession on July 1.

“However, as
first homebuyers and investors were unaffected by the stamp duty change, these
buyers were more prominent over the June quarter.”

preliminary number of unit and townhouse sales across Queensland decreased 15
per cent in the June quarter compared to the March quarter, he says. 

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