Demand for units and townhouses has increased with sales strengthening over the past year, according to the Real Estate Institute of Queensland’s (REIQ) latest data report.
Over the March quarter, the preliminary numbers of units sold in Queensland had gone up by two per cent compared to the same period last year.
However, sales in Cairns, the Gold Coast and Sunshine Coast saw the most growth.
“The popularity of units and townhouses in our major tourist precincts has returned,” REIQ CEO Anton Kardash said.
“These areas have experienced the highs and lows of the global financial crisis (GFC) and the strength of the Aussie dollar more than most over the past four years, so it is heartening to see them stepping back into the light.
“Many of these areas have also become more affordable, even those with unique seaside locations, so this is no doubt spurring buyers into action before the tide has turned to the positive completely.”
According to REIQ data, the number of unit and townhouse sales in Cairns increased 54.5 per cent in Cairns, 22.6 per cent on the Sunshine Coast, and 19.4 per cent on the Gold Coast compared to the March quarter last year.
In Cairns, the strongest growth in sales was in the sub-$250,000 price bracket. On the Sunshine Coast, compared to the March quarter last year, there was a significant increase in the number of unit and townhouse sales priced between $350,000 and $500,000.
On the Gold Coast, there was an increase in sales in the $250,000 to $350,000 price range, as well as in the upper end of the market.
“There have been reports of late that the prestige market is improving and these figures support that, with the numbers of sales between $500,000 and $1 million on the Gold Coast increasing nearly 30 per cent compared to the same period last year,” Mr Kardash said.
In Brisbane, the median unit price was steady at $390,000 over the March quarter. Strong performances came from Upper Mount Gravatt and Kelvin Grove, with price growth of 9.6 per cent and 8.8 per cent respectively.