Unit and town house values plummet

UNITS and townhouses on the Fraser Coast have dropped in price by 4.5 per cent during the June quarter, according to the Real Estate Institute of Queensland’s latest survey.

But over the past year, the fall here has only been 2.1 percent.

Stacked up against regional areas from here to Cairns, we haven’t done well over the year to June 2010.

We score the only minus among Bundaberg (+6.4 per cent), Gladstone (+1.9 per cent), Rockhampton (+4.2 per cent), Mackay (+7.3 per cent), Townsville (+6.3 per cent) and Cairns (+8.2 per cent).

Maryborough came up with a median June quarter price of $194,000.

Scarness scored a median of $152,500, Torquay $247,500 and Urangan $325,000.

The change for Torquay over the quarter compared with last quarter was -7.3 per cent, while for Urangan, the median price went up by 3.2 per cent.

Over the year, June to June, Torquay prices dropped 12 per cent, Scarness 7.3 per cent and Urangan went up by 2.5 per cent.

“About 25 per cent of all sales for Queensland residential property are now units and townhouses,” REIQ managing director Dan Molloy said yesterday.

“This number is just going to continue to grow as more and more people factor lifestyle, location and affordability into their buying decisions.

“The development of high-end unit and townhouse complexes in regional areas is also helping to reshape the traditional landscape of these towns.

“Where units and townhouses used to be a relative scarcity in some of our rural and regional centres, this is starting to change as our population grows and demand for property increases,” Mr Molloy said.

“Mining is also having an impact on demand and on the types of developments being constructed, so we are seeing an increase in prestige units in Central Queensland, especially Gladstone, Mackay and Rockhampton.”

The Gladstone, Mackay and Cairns local government areas all recorded median price gains due to the large number of sales of new stock with water views over the quarter.

Meanwhile the Fraser Coast house, unit and townhouse prices continue to make this region the most affordable for proximity to ocean in the state.

ODD ONE OUT

Unit and townhouse prices on the Fraser Coast dropped in the year to the end of June

Cairns

+ 8.2%

Mackay

+ 7.3%

Bundaberg

+ 6.4%

Townsville

+ 6.3%

Rockhampton

+ 4.2%

Gladstone

+ 1.9%

FRASER COAST

– 2.1%



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