Unit and townhouse sales in Queensland have spiked over the September quarter but prices have been slow to catch up, according to a new report from the Real Estate Institute Queensland (REIQ).
The REIQ Queensland Market Monitor reports that unit sales across the state have grown by 14 per cent since July, up 12 per cent on the same period last year.
REIQ CEO Anton Kardash said these figures are particularly impressive given that last year’s September quarter was a boom time for the unit market.
“During the September quarter last year, we experienced a significant jump in unit sales activity – up 40 per cent compared to the previous quarter – due to favourable stamp duty changes brought in by the state government," he said.
“To again record increased activity this year is a great sign that our unit market is heading in the right direction.”
Nonetheless, prices have yet to increase significantly, Mr Kardash said.
The Brisbane median unit price of $400,000 remained steady in this quarter, despite a 13 per cent rise in sales.
On the Gold Coast, unit prices slid backwards by 2.9 per cent over the quarter, even while sales rose by 13 per cent.
Prices on the Sunshine Coast dropped by 2.3 per cent, despite a nine per cent increase in sales.
“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,” Mr Kardash said.
The highest price growth for units came in the north Queensland region.
Cairns put in the strongest regional performance for median unit price growth, posting a 10 per cent price increase to a median of $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,” Mr Kardash said.