Sales of units and townhouses have surged across Queensland according to the Real Estate Institute of Queensland (REIQ).
REIQ chairman Peter McGrath said the figures follow a trend where more and more people are choosing to purchase units and townhouses over conventional houses.
"The figures show that units and townhouses are an affordable alternative for people - especially first home buyers and low income earners - in today's property market," McGrath says.
"Increases in single person households, affordability, as well as a desire to live in prime locations, are all reasons why units and townhouses are becoming more popular with buyers," he adds.
McGrath also says that this trend is largely due to a steadily increasing population and adds that their choice to live in more compact dwellings such as apartment buildings is a plus for the environment.
"People are becoming more aware of the need to have a smaller environmental footprint and investing in a unit and townhouse is an ideal way to limit your impact on the environment."
The push to live in apartment buildings also represents the modern lifestyle of professionals who are 'time poor' according to McGrath.
REIQ figures for unit and townhouse sales as a proportion of all residential real estate sales has risen 7.8 percent in Brisbane as well as significant increases in rural areas of Queensland, including a massive 15.7 percent rise in Noosa.
Do you have more than $200k in your super fund? You could use your super to buy property - Find out how
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out