Growing value for Queensland units during December quarter
Owners of investment property in South East Queensland could be in for some good news, as the latest report from the Real Estate Institute of Queensland (REIQ) highlighted the growing median price of units and townhouses in the area during the December quarter of 2013. This could be great if you're looking to sell your property and earn a decent return on your investment in the Sunshine State of Australia.
The latest REIQ Market Monitor indicated the preliminary number of unit sales seen in the region increased 6 per cent over the whole year.
REIQ Chief Executive Officer Anton Kardash stated the unit market in the region was beginning to catch up with the housing market, which could be in response to the impending population boom heading towards Queensland and the nation as a whole.
"A key difference between the Queensland house and unit markets is that predominantly the lion's share of these types of properties are located in the southeast as that is where demand for housing is the greatest," said Mr Kardash in a February 28 statement.
"In fact, demand for units in Brisbane has resulted in record numbers of off-the-plan sales lately. According to recently-released research, more than 1,000 new apartment sales were transacted in the December quarter - the highest level since 2002."
There was a 2 per cent jump in Brisbane unit and townhouse prices over the quarter, with the median now resting at $408,000. Furthermore, these property types also saw a 1.5 per cent increase in value over the entirety of 2013, with properties in the prestige market experiencing a large degree of growth, as well. In fact, their sales grew by 13 per cent over the December quarter.
Furthermore, units and townhouses on the Sunshine Coast increased 6.3 per cent over the quarter to a median price of $340,000. Maroochydore remained the most popular suburb for these properties, with more than 70 sales recorded over the December quarter.
"The beachside suburbs of Mooloolaba, Noosa Heads and Coolum Beach all recorded sales growth over the quarter which is a sign that demand for prestige units is on the move as well. In fact, sales in the $500,000 to $1 million price bracket increased by 27 per cent over the quarter on the Sunshine Coast," said Mr Kardash.
With these levels of growth occurring across the state, it could be a lucrative decision to consider selling your property in the area and making a great return on your investment.