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Buying of apartments up across QLD

By David Bell

Those who own real estate in Rockhampton might be interested to know that demand for units and townhouses across Queensland have greatly increased.

The Real Estate Institute of Queensland (REIQ) September median unit and townhouse price report has found sales shot up by 40 per cent from the last quarter. They were also up 14 per cent on the same time last year.

Chief executive of REIQ Anton Kardash said that the affordable nature of this is the catalyst for the growth.

He commented: "More than 800 preliminary sales were recorded for properties priced under $250,000, which is a very affordable price for many buyers.

"The greatest numbers of sales was in the $250,000 to $350,000 price bracket, which recorded about 1,250 preliminary sales over the quarter – also an increase on last year."

The REIQ has found that as a result of the construction of new townhouses and apartments, median property prices in different areas are being skewed either higher or lower, depending on what types of homes that have been sold over the quarter.

It's expected that the low sales in the previous quarter were due to reservations amongst buyers to purchase until stamp duty concessions came into effect on July 1.

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