Unit and townhouse sales increased by almost nine per cent from the December quarter in 2011 to the same period in 2012, according to the Real Estate Institute of Queensland (REIQ).
“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,” REIQ CEO Anton Kardash said.
The REIQ’s December Queensland Market Monitor (QMM) released last week showed the numbers of unit and townhouse sales increased 8.9 per cent in the December quarter 2012.
“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," he continued.
“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 eight 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 four 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.”