Cheap Unit Resurgence

GOLD COAST unit and townhouse prices have staged an end-of-year resurgence, but are still fighting to reach the prices of 2007-08.

Statistics from the Real Estate Institute of Queensland show Gold Coast median unit and townhouse prices grew 5.6 per cent to $368,000 in the September quarter, with Biggera Waters, Bilinga, Broadbeach Waters, Helensvale and Broadbeach showing the strongest growth during the year.

Sale numbers also surged in the period, up 8 per cent.

But the median price for units and townhouses across the Gold Coast declined by 5.3 per cent in the year to September, from $375,000 to $355,000.

Units at Clear Island Waters took the biggest fall for the year, dropping 18.9 per cent to $361,000, followed by Bundall which dropped 17.9 per cent to $320,000 and Currumbin, which fell 14.7 per cent to $388,000.

The single biggest growth was at Bilinga, with prices rising 8 per cent to $459,000.

Real Estate Institute of Queensland Gold Coast regional manager Ray Milton said the quarterly figures showing growth were positive and first home buyers had turned to units because of their affordability.

He said sales had been solid over the period and said the next 12 months would be a good indicator of how well the economy had recovered.

"It has been better than we expected," he said.

With the effects of the financial crisis and the fact there has been a perception of interest rates increasing, we're fairly comfortable overall and the market is steadying."

The REIQ figures showed about 50 per cent of Queensland unit and townhouses sold in the September quarter went for less than $350,000.

Brisbane's median unit and townhouse price increased 1.9 per cent to $389,500 over the quarter, the Sunshine Coast had an increase of 3.4 per cent to $359,900 while Bundaberg recorded a 9.8 per cent increase to $285,500

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