THE Real Estate Institute of Queensland (REIQ) June quarter median unit and townhouse price report has found healthy price increases across many parts of the State.
The solid median price growth was despite decreased numbers of unit and townhouse sales - similar to the house market over the June quarter.
Over the June quarter, there was increasing numbers of first home buyers and investors in the market, compared to owner-occupier activity which was reduced, so this is partly behind this good price growth.
"As was the case with the house market, there was reduced unit and townhouse sales activity over the June quarter as many buyers waited for the return of the stamp duty concession on 1 July," REIQ CEO Anton Kardash said.
"However, as first home buyers and investors were unaffected by the stamp duty change, these buyers were more prominent over the June quarter.
"Given the affordability of units and townhouses, as well as their often more central locations, first-time buyers and investors often compete for this type of property which may be partly responsible for the increases in median prices we experienced over the period."
The preliminary number of unit and townhouse sales across Queensland decreased 15 per cent in the June quarter compared to the March quarter.
Brisbane recorded a median unit and townhouse price increase of 3.8 per cent to $402,500 over the June quarter.
Over the period there was also an increase in the number of high-end unit sales in Brisbane city and city-fringe suburbs which augurs well for confidence levels amongst buyers.
The Brisbane suburb of Morningside posted median unit price growth of 10.8 per cent to $460,000 over the quarter and was up 4.1 per cent over the year.
According to suburb profiles on reiq.com, residents of Morningside - which is located about 8km east of the Brisbane CBD - enjoy its close proximity to the city while taking advantage of the community atmosphere the suburb affords. The fact the area is close to the more prestigious suburbs of Bulimba and Hawthorne has attracted a large number of younger couples who have moved into Morningside to capitalise on its relative affordability.
The top performer for median price growth of all Queensland major regions over the June quarter was Gladstone, which posted an increase of 6.1 per cent to $380,000.
Gladstone has experienced increased unit and townhouse development over recent years due to demand for property from workers in the region's mining sector. Also, with the median house price in Gladstone now sitting at $475,000, units and townhouses are a more affordable option for many buyers.
The Whitsunday region also performed well over the quarter. It recorded median unit and townhouse price growth of 5.3 per cent to $300,000.
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