Stamp duty change impacts
Apartment and townhouse sales experienced a surge during the September quarter throughout Queensland, although the rate of increase varied among regions
THE Queensland residential apartment and townhouse market experienced a significant climb in sales during the September quarter.
The REIQ Queensland Market Monitor, released yesterday, found the preliminary number of apartment sales across the state grew by 14 per cent over the September quarter.
The number of apartment sales increased by 12 per cent, compared to the same period last year.
The growing number of apartment and townhouse sales compared to the September quarter last year is particularly uplifting, given the spike in demand during that period of time. It follows the return of the principal place of residence concession on stamp duty.
To record increased activity this year is a great sign our apartment market is heading in the right direction. Although we are yet to experience significant price increases, no doubt that will happen during the next six to 12 months as the market strengthens even further.
The majority of major regions across the state recorded steady quarterly median apartment prices.
However, there is always some volatility in quarterly median prices given the size of apartment markets varies greatly across Queensland.
The top major regional performer for median apartment price growth during the September quarter was Cairns, which posted a 10 per cent increase to $215,000.
The Brisbane market remained steady at $400,000 over the quarter, but posted a 13 per cent rise in preliminary apartment sales. It also saw a jump in the number of millionplus sales, which is a further signal confidence has returned to the market.
Top Brisbane performers to record an increase in sales activity included Paddington, Tennyson, Norman Park and Wynnum.
Across the state, the numbers of million-plus sales jumped 21 per cent over the quarter and increased 65 per cent over the year.
In Brisbane, sales of milliondollar-plus apartments grew by 41 per cent over the quarter and 108 per cent over the year.
This also can be partly attributed to the high number of off-the-plan developments now being completed across our capital city.
While the median apartment price on the Gold Coast reduced by 2.9 per cent over the quarter to $335,000, the number of preliminary apartment sales increased 13 per cent over the quarter and 30 per cent over the year. There was also a jump in sales below $250,000 – up 28 per cent compared to the previous quarter, which has contributed to the reduction in the quarterly median price.
On the Sunshine Coast, the median apartment and townhouse price decreased 2.3 per cent to $320,000, but again the number of sales were up some 9 per cent over the quarter and 10 per cent over the year. The region also experienced strengthening demand for apartments below $250,000 and apartments priced above $500,000.