Queensland real estate agents have reported a significant drop in the number of buyers looking to purchase units and townhouses across the state.
According to the Real Estate Institute of Queensland’s (REIQ) Market Monitor, unit and townhouse prices eased in most parts of South East Queensland during the first three months of 2011, while preliminary sales fell 15 per cent across the broader state.
“The median unit and townhouse price in Brisbane eased 1.4 per cent to $395,000 over the quarter. On the Gold and Sunshine coasts, the median unit price decreased 2.7 per cent to $355,000 and 2.1 per cent to $350,000 respectively,” said REIQ chairman Pamela Bennett.
Ms Bennett said increasing numbers of real estate agents are reporting significant falls in demand, however buyers willing to take the plunge can snag themselves a bargain.
“The unit and townhouse market has been impacted by lower numbers of first home buyers and investors, who are the type of buyers usually the most interested in this more affordable segment of the market,” Ms Bennett said.
“REIQ agents continue to report a significant drop in demand compared to the same period last year, but this is creating wonderful opportunities for buyers with many sellers having to be very realistic about what price they can achieve in the current conditions if they want to make a sale.”
Property in the upper end market is also struggling with the number of sales of units and townhouses in the $1 million plus market falling by 40 per cent compared to the December Quarter.