Real Estate in Gold Coast Bounces Back

Real estate in the Gold Coast is performing well, with new industry figures showing units and townhouses are regaining their popularity in the region.

The Real Estate Institute of Queensland (REIQ) said the Gold Coast, Sunshine Coast and Cairns spearheaded positive sales results for the state over the three months to March 2013.

Preliminary figures from the organisation show apartment sales are up two per cent when compared with the same period last year.

The most significant growth was seen in Cairns' below-$250,000 price category, with units and townhouse transactions jumping 54.4 per cent overall.

The Sunshine Coast saw a 22.6 per cent boost, while the Gold Coast experienced a 19 per cent rise in sales.

Anton Kardash, chief executive officer at REIQ, said the data was welcome and showed the state's tourism hotspots continued to impress.

"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," he explained.

"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."

According to Mr Kardash, Gold Coast transaction levels were up in both the $250,000 to $350,000 category and the upper-end market.

He noted that the 'prestige' market - $500,000 to $1 million - is also showing signs of improvement, with a 30 per cent boost when compared with the March quarter 2012.

Despite the better performance for the tourism centres, real estate in Brisbane remained flat.

The median unit price stayed at $390,000 over the three months, although Upper Mount Gravatt and Kelvin Grove posted solid results, climbing 9.6 per cent and 8.8 per cent in price respectively.

The latest REIQ figures reinforce data released by the organisation last month that revealed ten out of 12 major regions in Queensland recorded median house price rises in the year to March 2013.

"As we forecast last year, our property market continues to record healthier results with the positive yearly figures also highlighting that residential sales have turned a corner," Mr Kardash stated.

The Australian Bureau of Statistics also offered optimism for the state's property market earlier this month, with building approvals up 0.5 per cent in trend terms in April.