Queensland unit and townhouse market tops expectations
December 21, 2009
Queensland’s unit and townhouse market has risen above the negative sentiments that prevailed during 2009, according to new research.
The Real Estate Institute of Queensland (REIQ) September quarter median unit and townhouse report shows prices have held their ground over the past year. The early part of the year was difficult but prices rose steadily in the major regions in the latest quarter adding to earlier signs of recovery.
“Units and townhouses in most regions of the state have weathered the past 12 months remarkably well with prices holding their ground and demand steady,” REIQ Chair Pamela Bennett said.
About 50 per cent of all Queensland unit and townhouses sold in the September quarter were for under $350,000, compared to 34 per cent for houses.
“This shows that this segment of the market remains an affordable option for first home buyers and investors,” Mrs Bennett suggested.
One third of all residential property sales during the quarter were for units and townhouses, with Bundaberg the best price performer for this housing type over the quarter.
Bundaberg’s median unit and townhouse price recorded a 9.8 per cent increase to $285,500 partly attributable to new and better stock being offered on the market this quarter.
Brisbane’s median unit and townhouse price increased 1.9 per cent to $389,500 over the quarter, while sales numbers and prices were also up on the Gold and Sunshine Coasts.
The Gold Coast median unit and townhouse price increased a robust 5.6 per cent to $368,000, while the Sunshine Coast’s is up 3.4 per cent to $359,900.
Sales numbers are also up 8 per cent on the Gold Coast and about 10 per cent on the Sunshine Coast.
“The prevalence of first home buyers and investors in the market is reflected in the performance of unit and townhouses in these areas,” REIQ managing director Dan Molloy said. “Sunshine Coast agents are also reporting demand for prestige waterfront units as the improving share market ensures buyers once again look for their ‘quality of life’ holiday and residential properties.”