Newspaper article The Chronicle (Toowoomba, Australia)

Units Help First-Timers Get a Foot on Ladder; Young Buyers Look at Future Investment

Newspaper article The Chronicle (Toowoomba, Australia)

Units Help First-Timers Get a Foot on Ladder; Young Buyers Look at Future Investment

Article excerpt

Byline: Jim Campbell @thechronicle.com.au

UNITS and townhouses are proving to be a better investment in the Garden City with the latest figures showing they increased by almost seven per cent over the past 12 months.

The Real Estate Institute of Queensland figures show the median unit price increased from $225,000 in 2009 to $240,000 in 2010.

In the last quarter of last year, however, the price dropped by 4.6%, but Daniel Steinberg from Ray White Toowoomba said the 6.7% annual increase was very encouraging.

Mr Steinberg wasn't surprised at the healthy growth, saying he'd experienced an increase in inquiries from savvy first-home buyers looking to buy units as an investment for the future.

He said many first-home buyers were using units as a way to enter the property market. They live in the unit for some time before upgrading to a house and renting the unit out.

aRental return rates for units are generally quite good in Toowoomba,a Mr Steinberg said. …

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