Unit sales skyrocket in Queensland over September quarter
Anyone interested in purchasing investment property in Queensland could be in a great position, as the latest release from the Real Estate Institute of Queensland (REIQ) has highlighted the residential unit and townhouse market has grown significantly over the September quarter.
The REIQ Queensland Market Monitor, which was released last Friday (December 6), found the number of unit sales across the state increased by 14 per cent over the September quarter. This translates into a 12 per cent increase in sales from this time last year.
These results could be encouraging for anyone watching Queensland's growth for investment purposes, with the state clearly in an upward swing back to full strength.
Now could be the perfect time to purchase units in the metropolitan areas of the state in order to create rental properties and take advantage of the upcoming population boom.
REIQ Chief Executive Officer Anton Kardash said the result was uplifting to see and this growth will continue into the new year.
"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," said Mr Kardash in a December 9 statement.
"To again record increased activity this year is a great sign that our unit market is heading in the right direction. 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."
Brisbane itself experienced a retained median unit price of $400,000 over the quarter, but saw a 13 per cent rise in unit sales over the period. From this, the sale of units priced over $1 million increased 41 per cent over the quarter, and 108 per cent over the last 12 months.
Mr Kardash explained this as an increase in the number of off the plan developments that have been constructed in the state, which is partially a response to the expected population growth projected to hit Australia in the coming years.
Cairns' unit market experienced the largest growth in median price, increasing by 10 per cent over the September quarter to rest at $215,000 for a unit in the city.
Mr Kardash welcomed these results and said that Carins had "struggled more than most" over the last few years and that the growth was encouraging.