Units a popular choice for housing affordability

Date: 16 January 2009 | Source : The Courier Mail - Written by Michelle Hele

THE number of affordable units and townhouses changing hands has continued to rise as first home buyers look for more affordable ways to buy.

Real Estate Institute of Queensland data on units and townhouses found the market was faring better than the house market with only a slight median price drop in the past quarter.

The REIQ September quarter figures found the Brisbane median price for units and townhouses dropped 2.6 per cent, compared with the house market, which dropped 4.3 per cent during the same period.

The median price of a unit or townhouse in Brisbane is now $350,000.

The September quarter figures also revealed an increase in the number of sales of lower-priced units and townhouses, particularly in the southeast.

REIQ chairman Peter McGrath said the unit and townhouse market had come into its own in recent years, especially with first homebuyers.

Poor housing affordability meant the market had become very popular this decade.

And Mr McGrath believes the trend will continue even with drops in interest rates and extensions to first homebuyers' grants.

Families were not as large as they once were, so people were not after the traditional quarter-acre block, and many unit and townhouse developments were considered to be in better lifestyle locations.

Mr McGrath said often they were surrounded by shops and restaurants, were close to work or close to public transport.

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Units a popular choice for housing affordability