Prices and sales of Queensland units and townhouses have slipped right across the state as patchy economic conditions and natural disasters take their toll.
The Real Estate Institute of Queensland’s Market Monitor found median unit and townhouse prices eased in most parts of South East Queensland during the first three months of 2011.
“The median unit and townhouse price in Brisbane eased 1.4 per cent to $395,000 over the quarter,” said REIQ chairman Pamela Bennett.
“On the Gold and Sunshine coasts, the median unit price decreased 2.7 per cent to $355,000 and 2.1 per cent to $350,000 respectively.”
At the same time, the number of unit and townhouse sales (preliminary) fell 15 per cent across the state.
Ms Bennett said the recent fall in sales and prices could be attributed to the lack of first home buyer and investor activity in the market.
“The unit and townhouse market has been impacted by lower numbers of first home buyers and investors, who are the type of buyers usually the most interested in this more affordable segment of the market,” Ms Bennet said.
“First home buyers continue to languish at about 15 per cent of the Queensland residential property market, while investors appear to have adopted a wait-and-see approach until a clearer picture emerges on interest rates and the economy.”
Property in the upper end market is also struggling with the number of sales of units and townhouses in the $1 million plus market falling by 40 per cent compared to the December Quarter.