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Units in south east Queensland put in a strong performance last year with median prices climbing and a rise in sales volumes, according to the Real Estate Institute of Queensland (REIQ).
In the Brisbane market, units sales turnover increased by six per cent over the year. In particular, new unit sales hit a 12-year high over the December quarter.
"Demand for units in Brisbane has resulted in record numbers of off-the-plan sales lately," REIQ CEO Anton Kardash said.
"According to recently-released research, more than 1,000 new apartment sales were transacted in the December quarter – the highest level since 2002."
The median price for Brisbane units increased by two per cent in the same period, to a new median of $408,000.
Mr Kardash suggested high demand in the premium sector was a contributor to this jump.
The REIQ data showed a 13 per cent increase in unit sales in the $500,000 and $1 million range over the last year.
Blue-chip suburbs Kangaroo Point and Hamilton recorded particularly high price rises.
The Sunshine Coast also saw impressive results in the unit market with the median price increasing by 6.3 per cent in the quarter.
In addition, sales volumes in the region climbed by 14 per cent over the year.
"Maroochydore remains the most popular suburb for units on the Sunshine Coast with more than 70 preliminary sales recorded over the quarter," Mr Kardash said.
He believed the premium market was also a major driver in this region, with beachside suburbs like Mooloolaba, Noosa Heads and Coolum Beach in high demand.
"In fact, sales in the $500,000 to $1 million price bracket increased by 27 per cent over the quarter on the Sunshine Coast," he said.
On the Gold Coast, meanwhile, the median price increased by 1.5 per cent over the quarter, to a new median of $340,000.
This region also saw a sharp uptick in demand as sales volumes increased by 21 per cent.
The REIQ reported that while the unit market still trailed houses on the Gold Coast, it was likely to continue its recovery in the months ahead.
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