Sales activity up 40% for Queensland units and townhouses

Demand for the more affordable type of property - units and townhouses - across Queensland is increasing, with sales activity up by 40% in the September quarter, compared to the previous quarter.

The numbers of overall sales are up 14% compared to the same period last year, according to The Real Estate Institute of Queensland (REIQ) September median unit and townhouse price report that was released today.

REIQ chief executive Anton Kardash says data showed sales are increasing for units and townhouses espcially priced under $350,000.

There was also demand for lower price units and townhouses in Cairns and the Gold Coast over the quarter, with both regions recording significant jumps in the numbers of sales of properties for under $250,000.

“More than 800 preliminary sales were recorded for properties priced under $250,000, which is a very affordable price for many buyers,” says Kardash.

Kardash says the greatest number of sales were in the $250,000 to $350,000 price bracket, which recorded about 1,250 preliminary sales over the quarter.

Suburbs in the Brisbane region that are priced between $250,000 to $350,000 are Gordon parks, Greenslopes, Moorooka, Runcorn and Zillmere.

“Units and townhouses continue to be reasonably priced and also a preferable option for many buyers who want the convenience of living closer to the city while also keeping a lid on their borrowings,” says Kardash.

The Brisbane median unit and townhouse price increased 0.6% to $405,000 over the September quarter.

“Brisbane’s median unit price edged up 0.3% over the year which is a welcome result and one we haven’t witnessed for over a year or two now,” says Kardash.

“This is hopefully the start of the pricing turnaround that we have been anticipating given our property market has been improving through the year,” he says.