Sunday, September 9, 2012

REIQ June Quarter Apartment Report

From an REIQ Press Release:
"The Real Estate Institute of Queensland (REIQ) June quarter median unit and townhouse price report has found healthy price increases across many parts of the State.  The solid median price growth was despite decreased numbers of unit and townhouse sales – similar to the house market over the June quarter.

Over the June quarter, there was increasing numbers of first home buyers and investors in the market, compared to owner-occupier activity which was reduced, so this is partly behind this good price growth.
“As was the case with the house market, there was reduced unit and townhouse sales activity over the June quarter as many buyers waited for the return of the stamp duty concession on 1 July,” REIQ CEO Anton Kardash said  “However, as first home buyers and investors were unaffected by the stamp duty change, these buyers were more prominent over the June quarter.  Given the affordability of units and townhouses, as well as their often more central locations, first-time buyers and investors often compete for this type of property which may be partly responsible for the increases in median prices we experienced over the period.”

The preliminary number of unit and townhouse sales across Queensland decreased 15 per cent in the June quarter compared to the March quarter.  

Brisbane recorded a median unit and townhouse price increase of 3.8 per cent to $402,500 over the June quarter.  Over the period there was also an increase in the number of high-end unit sales in Brisbane city and city-fringe suburbs which augurs well for confidence levels amongst buyers." 

The chart below is from REIQ.  It says March, but it should be June Quarter I suspect. Click on chart to make larger.

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