This article is from the Australian Property Journal archive
DEMAND for apartments and townhouses have helped push prices in many areas across Queensland over the June quarter, according to the Real Estate Institute of Queensland.
REIQ also found sales of units and townhouses were steady over the quarter, especially in the Greater Brisbane region.
Managing director Dan Molloy said about 25% of all sales are now units and townhouses and this number is just going to continue to grow as more and more people factor lifestyle, location and affordability into their buying decisions.
“Across the state, units and townhouses continue to provide more affordable options for first home buyers and investors, while prestige buyers are increasingly spending upwards of $1 million to snare a unit with unparalleled water or city views,” he added.
In Brisbane, the highest numbers of sales were located in Brisbane City, New Farm, Coorparoo, Nundah and Moorooka. The trend to high-end units was evident in Brisbane City with nine preliminary sales of more than $1 million occurring over the quarter.
In Greater Brisbane, the highest numbers of preliminary sales were in Redbank Plains in Ipswich, Eagleby in Logan, Redcliffe in Moreton Bay and Cleveland in Redland. While Cleveland has had strong sales waterfront stock over the past 12 months, it was the established older unit market that was more popular during the June quarter.
On the Gold Coast, strong sales were recorded in the traditionally strong Surfers Paradise, followed by Southport, Labrador and Hope Island. Surfers Paradise recorded six preliminary sales for more than $1 million over the quarter, whilst buyers snapped up units priced between $350,000 and $500,000 on Hope Island.
The most popular suburbs over the quarter on the Sunshine Coast were Maroochydore, Mooloolaba, Buderim and Noosa Heads. There were a number of $1 million plus sales over the quarter, including $2.4 million for a penthouse in Maroochydore, and two sales of $2.95 million and $3.65 million in Noosa Heads.
In regional Queensland, the Gladstone, Mackay and Cairns local government areas all recorded median price gains due to the large number of sales of new stock with water views over the quarter. Agnes Waters continued to record steady sales of units in a development in Beaches Village Circuit, while sales above $600,000 were occurring in a new high-end development with views over Pioneer River in Mackay.
The suburbs of Cairns City and Cairns North were the most popular for unit sales in the Cairns region. Cairns North recorded a shift in the proportion of sales at the lower end of the market, with more sales occurring priced between $250,000 and $350,000.
Molloy said the development of high-end unit and townhouse complexes in regional areas is also helping to reshape the traditional landscape of these towns.
“Mining is also having an impact on demand and on the types of developments being constructed, so we are seeing an increase in prestige units in Central Queensland, especially Gladstone, Mackay and Rockhampton,” he concluded.
Australian Property Journal
