Townhouses rule the property market
TOWNHOUSES are becoming an increasingly popular choice of housing for Queensland buyers, renters and investors according to the latest Real Estate Institute of Queensland research.
The REIQ September quarter median unit and townhouse report found that about 20 per cent of all unit sales over the quarter were townhouses.
The growth in the development of townhouse complexes over the past 10 years has helped to change the landscape of Queensland's residential property and rental markets, according to the REIQ.
Analysis of Residential Tenancies Authority data shows that the number of three-bedroom townhouses being rented in Queensland has increased more than 80% in a decade.
By comparison rented two-bedroom units have grown by only two per cent and rented three-bedroom houses by just 3% over the same period.
The top three locations for rental townhouses by postcode in Brisbane are 4113, which includes Runcorn and Eight Mile Plains; 4152 which includes Carina and Carindale; and 4122 which includes Mansfield and Mount Gravatt East.
And when it comes to buying a townhouse, people are often attracted by the "best of both worlds" characteristic of this type of housing.
"Townhouses are usually priced midway between houses and units so they are the best of both worlds really. They are attractive to buyers who desire a larger property, which is still affordable, but is located closer to the city or entertainment precincts," REIQ managing director Dan Molloy said.
"Many people, whether they are buyers or renters, still want a three-bedroom property but don't want the hassle of general home maintenance such as spending your weekend mowing the lawn or weeding the garden, so townhouses can offer the perfect solution."
While two-bedroom units and three or four-bedroom houses remain the backbone of Queensland's rental stock, the continued development of townhouses will likely underpin growth in this sector of the rental and sales markets in the years ahead. Over the September quarter, REIQ sales figures show the number of preliminary sales of all units and townhouses in Queensland increased seven per cent compared to June.
There was a marked increase in the number of unit and townhouse sales under $500,000 across the state, especially sales between $250,000 and $350,000, which were up 18% compared to the June quarter.
Median prices eased in many areas, partly due to the rise in sales within this more affordable band of properties.
A solid performer over the September quarter was Rockhampton which recorded a 7.2% growth in its median unit and townhouse price to $289,500, partially due to the sale of properties within new unit or townhouse developments.
Likewise, Townsville posted a median price increase of 4.4% to $320,000 over the quarter due in part to the sale of new stock.
The Brisbane median unit and townhouse price decreased 0.7% to $392,250 over the quarter. The preliminary numbers of sales was up 18% compared to the June quarter.