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.
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.