Units out sell houses in Burleigh Heads

PRDnationwide investigated the house and unit markets of Burleigh Heads, Burleigh Waters, Miami and Varsity Lakes – collectively in the Burleigh Heads Area Market Overview.

The new research released by PRDnationwide shows a 4.9 per cent increase in unit sales during the six months to April 2012.

The number of house sales in the overall area under study decreased by 3.1 per cent during the same period.

While Varsity Lakes, Burleigh Heads and Miami recorded decreases of 12 per cent or greater, Burleigh Waters was the exception recording a 20 per cent increase to the number of house sales.

The research found the median house price continues to soften in the region with a notable 10.7 per cent drop over the 12 months to April 2012.

PRDnationwide Burleigh Heads principal Mark Smith said there had been a marked contraction of sales activity in the higher end of the market with buyers preferring houses priced between $400,000-$500,000 and units priced between $300,000-$400,000.

Sales activity across the Burleigh Heads Area unit market has demonstrated a steady upward trend over the year to April 2012, registering a total of 217 transactions during the six months to April 2012.

“It is important to note that the house-unit price differential is perhaps at its widest point in over 10 years, making the unit market the more affordable option for many would-be buyers,” Mr Smith said.

“Enquiry levels from end users have increased since the beginning of 2012 on the back of increased mortgage affordability and sustained price corrections.”