Townhouses, which tend to provide increased space at more affordable prices in areas closer to the city, are becoming an increasingly popular choice of housing for Queensland buyers, renters and investors, according to the latest Real Estate Institute of Queensland (REIQ) research.
“Townhouses are usually priced midway between houses and units so they are the best of both worlds really,” REIQ managing director Dan Molloy said.
“They are attractive to buyers who desire a larger property, which is still affordable, but is located closer to the city or entertainment precincts.”
The REIQ said its September quarter median unit and townhouse report found that about 20 per cent of all unit sales over the quarter were townhouses.
The REIQ added that analysis of Residential Tenancies Authority (RTA) data revealed the number of three-bedroom townhouses being rented in Queensland has increased more than 80 per cent in a decade.
By comparison, it said, rented two-bedroom units have grown by only two per cent and rented three-bedroom houses by just three per cent over the same period.
“Many people, whether they are buyers or renters, still want a three-bedroom property but don’t want the hassle of general home maintenance such as spending your weekend mowing the lawn or weeding the garden, so townhouses can offer the perfect solution,” Mr Molloy added.
Over the September quarter, REIQ sales figures showed the number of preliminary sales of all units and townhouses in Queensland increased seven per cent compared to June, with a specific increase in the number of unit and townhouse sales under $500,000.
Sales of units and townhouses worth between $250,000 and $350,000 were up 18 per cent compared to the June quarter.
In the September quarter Rockhampton recorded a 7.2 per cent growth in its median unit and townhouse price to $289,500. Townsville posted a median price increase of 4.4 per cent to $320,000 over the quarter due in part to the sale of new stock.
The Brisbane median unit and townhouse price decreased 0.7 per cent to $392,250 over the quarter. The preliminary numbers of sales was up 18 per cent compared to the June quarter.