Property market improving in Queensland

Recent figures from the Real Estate Institute of Queensland (REIQ) reveal an upturn in Queensland's property market.

The REIQ's quarterly Queensland Market Monitor shows an 11 per cent increase in preliminary unit and townhouse sales across the state from the December 2011 quarter.

Units priced in the $250,000-$350,000 bracket saw a dramatic increase in sales over the same period, rising by 22 per cent.

REIQ chief executive officer Anton Kardash attributed the improvement to two of the main groups of interest.

"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," he said.

"About 19 per cent of homes financed in Queensland are now being bought by first hombuyers, which is the highest level of activity from first-time property buyers since 2009 when the First Home Owners Boost was available."

This should come as great news to those looking to put their unit or townhouse up for sale in the coming months.

A lower interest rate of 3.5 per cent may also encourage buyers to enter the market.