Showing posts with label Cairns. Show all posts
Showing posts with label Cairns. Show all posts

Friday, June 7, 2013

REIQ reports that apartment demand is increasing


Sales of units and townhouses across Queensland have strengthened further over the last year, according to the latest Real Estate Institute of Queensland (REIQ) data report.  Over the March quarter, the preliminary numbers of unit sales in Queensland increased by 2 per cent compared to the same period last year.

But it is sales in our major tourism centres of Cairns and the Gold and Sunshine coasts that are the real story with sales sky-rocketing over the past year in these areas.

“The popularity of units and townhouses in our major tourist precincts has returned,” REIQ CEO Anton Kardash said.  “These areas have experienced the highs and lows of the GFC, and the strength of the Aussie dollar, more than most over the past four years so it is heartening to see them stepping back into the light.  Many of these areas have also become more affordable, even those with unique seaside locations, so this is no doubt spurring buyers into action before the tide has turned to the positive completely.” 


In Brisbane, the median unit price was steady at $390,000 over the March quarter. Solid performers over the period were Upper Mount Gravatt and Kelvin Grove which posted price growth of 9.6 per cent and 8.8 per cent respectively. 


[Click on chart to enlarge]

Friday, December 14, 2012

BOQ's view

"We've seen signs that it's bottomed and there have been a few good sales on the Gold Coast, Sunshine Coast and even Cairns,'' Mr Grimshaw said in Brisbane yesterday after BOQ's annual general meeting.

Courier Mail

Saturday, June 9, 2012

Demand strengthens in unit market: REIQ

Press Release from REIQ today:  Queensland’s unit and townhouse market experienced strengthening demand over the March quarter, according to the latest Real Estate Institute of Queensland (REIQ) figures.

The REIQ’s quarterly Queensland Market Monitor found the numbers of preliminary unit and townhouse sales across the State were up 11 per cent compared to the December quarter last year.  Over the period, there was also a dramatic increase in the numbers of units sold between $250,000 and $350,000 with sales in this price bracket increasing 22 per cent.

"This increase in more affordable unit and townhouse sales is being driven by demand from first home buyers and investors, who often target properties at the lower end of the market," REIQ CEO Anton Kardash said. "About 19 per cent of homes financed in Queensland are now being bought by first home buyers, which is the highest level of activity from first-time property buyers since 2009 when the First Home Owners Boost was available. Investors too are making a long-awaited return to the market with more than 4,500 properties bought by investors in March this year. The 10-year average is 5,000 dwellings per month so this is also the strongest level of activity from investors since early 2010".

Over the March quarter, median unit and townhouse prices softened in a number of areas due to this shift in demand for more affordable properties. Median prices reflect the types of properties that sell over a particular timeframe so if more affordable properties sell the median will be dragged lower.

Brisbane’s median unit and townhouse price softened 3.1 per cent to $387,750, however sales activity was up more than 20 per cent compared to the previous quarter.

On the Gold Coast, the beachside suburbs recorded the greatest increase in activity, with Surfers Paradise and Broadbeach topping the list.

The Sunshine Coast saw a similar trend with Mooloolaba and Noosaville recording the top increases in sales activity over the quarter. The Sunshine Coast was also the only major region for Southeast Queensland to record an increase in its median, up 2.2 per cent to $332,250.

Although a strong result for the house market was recorded over the quarter, Cairns’ unit market continues to struggle, with sales down 30 per cent. Comments from various regional zone chairs, Cairns included, say that units are proving difficult to sell, as buyers are put off by the increased costs associated with owning a unit, such as body corporate fees, insurance levies and council rates. As such, buyers end up seeing more value in buying a house, with the ongoing servicing costs equalling that of a unit.

The chart below, from REIQ, is for apartments and townhouses only, not houses.  Click on chart to make bigger.


Notes for chart 
* Medians affected by varying quantities of new properties sold 
f Medians affected by varying numbers of waterfront properties sold 
- Due to the nature of properties in this suburb, some group titled property sales have been omitted