The Queensland residential unit and townhouse market experienced a significant climb in sales over the September quarter, according to the Real Estate Institute of Queensland.
The REIQ Queensland Market Monitor, released on Friday, found that the preliminary numbers of unit sales across the state grew by 14% over the September quarter. The number of unit sales increased by 12% compared to the same period last year.
“During the September quarter last year, we experienced a significant jump in unit sales activity – up 40% compared to the previous quarter – due to favourable stamp duty changes brought in by the State Government,” said REIQ CEO Anton Kardash.
“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.”
Most major regions recorded steady quarterly median unit prices. However, there is always some volatility in quarterly median prices given that the size of unit markets varies greatly across Queensland.
The top performer for median unit price growth over the September quarter was Cairns, which posted a 10% 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,” Kardash said.
“The Brisbane market remained steady at $400,000 over the quarter but posted a 13% increase in preliminary unit sales. It also saw a huge jump in the numbers of million-plus sales which is another signal that confidence has returned to the market.”
Across the state, the numbers of million-plus sales jumped 21% over the quarter and 65% over the year. In Brisbane, sales of million-plus units grew by 41% over the quarter and 108% over the year. This can be partly be attributed to the high number of new off-the-plan developments being completed across our capital city, Kardash said.
While the median unit price on the Gold Coast fell by 2.9% over the quarter to $335,000, the numbers of preliminary unit sales rose 13% over the quarter and 30% over the year. There was also a jump in sales below $250,000 – up 28% compared to the previous quarter, which has contributed to the reduced quarterly median price.
On the Sunshine Coast, the median unit and townhouse price fell 2.3% to $320,000 but, again, the numbers of sales were up 9% cent over the quarter and 10% over the year. The region also experienced strengthening demand for units below $250,000 and units priced above $500,000.