June Qtr Update (Units & Townhouses)

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The sales of units and townhouses across Queensland have risen dramatically compared to last year, according to the latest REIQ data.

The REIQ June quarter median unit and townhouse price report, released yesterday, found the preliminary volume of sales increased nearly 40 per cent between the June quarter this year and the same period last year.

Sales of units and townhouses across the State have also grown by 15 per cent compared to the March quarter this year.

Both the unit and house markets are gathering steam with sales volumes much improved on the same periods in 2012.

What is also interesting to note is that the preliminary numbers of unit sales this quarter were only marginally lower than during the strong spring selling season last year. That is, there were only 66 fewer sales this quarter than in the September quarter last year.

In fact, the June quarter is usually the weakest of the four quarters throughout the year. Over the last 12-month period, however, this quarter was actually the second strongest and very nearly wore the crown as the stand-out three-month period of unit sales activity.

In Brisbane, the numbers of unit and townhouse sales increased 26 per cent compared to the June quarter last year and were up 21 per cent compared to the March quarter this year.

Median prices across most regions fluctuated over the June quarter due to the composition or types of properties sold over that period of time.

In Brisbane, the median price dipped by 1.3 per cent to $395,000, which is a result that can be classed as steady. Over the year ending June, its median price was down by 0.8 per cent.

Top Brisbane performers which posted median price growth over the quarter and the year included Kangaroo Point, Nundah and West End.

In Kangaroo Point, the median unit and townhouse price increased 5.4 per cent over the quarter to $470,000; Nundah’s improved 9.3 per cent to $392,000; and West End’s increased 17.1 per cent to $480,000 however this was impacted by the sale of new and waterfront properties.

Queensland buyers wanting to make the most of the improving market conditions should head along to the REIQ’s free buying property seminar on Saturday 21 September.

Designed for first-home buyers, new and seasoned investors or anyone interested in Queensland property, this session will address some of the key questions about buying property and provide practical advice to make the process as stress-free as possible.