Townhouse, Unit Prices Booming
Sun Herald
Sunday April 22, 2007
THE Brisbane unit and townhouse market is experiencing a "mini boom" with prices in some areas rising by more than $100,000 in less than 12 months.
Peter Secco, principal of Remax United Vision at Coorparoo, said agents in his office could not sell enough units."If someone walked into our office four years ago wanting to sell a unit, every agent would run and hide," he said. "They were incredibly hard to sell and no one wanted them."Now it's the opposite. Agents are falling over themselves to sell units because they are doing so well and in such high demand."Mr Secco said he had seen unit prices in Coorparoo - four kilometres east of the central business district - and its surrounding areas, increase by more than $100,000 in the past year."People bought into the old cavity brick block-style units and renovated them and have made a massive profit," he said."Interest in them is huge. I had an open house on the weekend for a unit and had over 40 people through in an hour."He said the majority of buyers were first-timers, often young couples with no children, who wanted to stay close to the city but could not afford a house in a similar suburb.In Nundah, seven kilometres north of the CBD, prices have also spiked. Bridget Skinner of Northside First National Real Estate said she did not have enough stock."There really is a mini boom . . . and prices have certainly increased by that much [$100,000] in the last 12 months," she said.
© 2007 Sun Herald
