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The real estate market in Queensland has posted strong year-on-year results for the end of June 2013, after the unit market experienced a sharp rise in sales.
This may be encouraging news for anyone who wishes to sell real estate in Gold Coast and Brisbane, as it shows a great level of demand for smaller housing in the current property market.
Recently released information from the Real Estate Institute in Queensland (REIQ) showed that the sale of units and townhouses in the state jumped up by almost 40 per cent in the June quarter compared with the same period a year ago.
There has even been a notable rise in sales volumes for units and townhouses since the March quarter this year, where this figure increased by 15 per cent.
"Both the unit and house markets are gathering steam with sales volumes much improved on the same periods in 2012," said REIQ Chief Executive Anton Kardash in a September 6 statement.
"What is also interesting to note is that the preliminary numbers of unit sales this quarter were only marginally lower than during the strong spring selling season last year. That is, there were only 66 fewer sales this quarter than in the September quarter last year."
Mr Kardash noted that the June quarter this year has been particularly strong all-round for the real estate market and was the second strongest quarter in the last 12 months.
Brisbane reported a 26 per cent rise in unit and townhouse sales year-on-year, which translates into a 21 per cent increase from the March quarter this year.
This heightened activity in the units and townhouses market in the state could be due to a number of reasons. One of which is the historically low cash rate, which has enabled many investors to continue expanding their investment property portfolios.
A September 5 article on the Sydney Morning Herald website reported that some Gold Coast property values plunged by almost 50 per cent during 2010. This has resulted in prices being almost a third lower than Sydney, providing buyers with another reason to enter the market there.
However, values for nearby real estate in Brisbane have continued to pick up through 2013. RP Data reported that values for property in Brisbane have risen by 1.5 per cent over the month of June, providing investors with a lucrative opportunity to secure property in the capital.
