Prices for units and townhouses rose in certain parts of Queensland during the June quarter at the same time that the number of transactions fell, new data from the Real Estate Institute of Queensland (REIQ) has revealed.
“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 1 July,” REIQ CEO Anton Kardash said.
“As first home buyers and investors were unaffected by the stamp duty change, these buyers were more prominent over the June quarter.”
“Given the affordability of units and townhouses, as well as their often 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 we experienced over the period.”
The preliminary number of unit and townhouse sales across Queensland decreased 15 per cent in the June quarter compared to the March quarter.
Brisbane recorded a median unit and townhouse price increase of 3.8 per cent to $402,500 over the June quarter.
Over the period there was also an increase in the number of high-end unit sales in Brisbane city and city-fringe suburbs.
The top performer for median price growth of all Queensland major regions over the June quarter was Gladstone, which posted an increase of 6.1 per cent to $380,000.
Gladstone has experienced increased unit and townhouse development over recent years due to demand for property from workers in the region’s mining sector. Also, with the median house price in Gladstone now sitting at $475,000, units and townhouses are a more affordable option for many buyers.
The Whitsunday region also performed well over the quarter, booking median unit and townhouse price growth of 5.3 per cent to $300,000.