The Queensland residential unit and townhouse market has experienced a significant climb in sales over the September quarter.
The Real Estate Institute of Queensland’s (REIQ) Queensland Market Monitor found that the preliminary numbers of unit sales across the state grew by 14 per cent over the September quarter. The numbers of unit sales increased by 12 per cent compared to the same period last year.
REIQ CEO Anton Kardash said the growing numbers of unit and townhouse sales compared to the September quarter last year was particularly uplifting, given the spike in demand during that period of time.
“During the September quarter last year, we experienced a significant jump in unit sales activity – up 40 per cent compared to the previous quarter – due to favourable stamp duty changes brought in by the state government,” he said.
“To again record increased activity this year is a great sign that our unit market is heading in the right direction. Although we are yet to experience significant price increases, no doubt that will happen over the next six to 12 months as the market strengthens even further.”
A majority of major regions across the state recorded steady quarterly median unit prices. However, there is always some volatility in quarterly median prices given the size of unit markets varies greatly across Queensland.
The top major region performer for median unit price growth over the September quarter was Cairns, which posted a 10 per cent increase to $215,000.
“The Cairns unit market has struggled more than most over recent years, so this result helps to partly address any price reductions it has experienced of late,” Mr Kardash said.
“The Brisbane market remained steady at $400,000 over the quarter, but posted a 13 per cent increase in preliminary unit sales. It also saw a huge jump in the numbers of $1 million-plus sales, which is another signal that confidence has returned to the market.”
Across the state, the numbers of $1 million-plus sales jumped 21 per cent over the quarter and increased 65 per cent over the year. In Brisbane, sales of $1 million-plus units grew by 41 per cent over the quarter and 108 per cent over the year. This could be attributed to the high number of new off-the-plan developments now being completed across the capital city.