Brisbane's inner city townhouse market is performing solidly, as evidenced by a residential development site approved for a three-level townhouse complex in New Farm selling for $6 million. The site, which is approximately 2,226 sqm and located at 216-218 Moray Street, approximately 2.5km to the Brisbane CBD, was sold to Queensland developer PointCorp. It has approval in place for 12 townhouses with an average size of 213 sqm. According to Domain, the median price of a unit in New Farm is $566,000. The property was sold on behalf of a Melbourne syndicate by Ray White Special Projects (Qld) Directors Mark Creevey and Tony Williams, who said there was incredible interest in the site and they received 62 enquiries and four offers to purchase within 48 hours of marketing. Williams said the site received a lot of attention due to the market trend of developers wanting to build smaller boutique projects aimed at owner occupiers. “The market has evolved over the last 12 to 18 months with the re-emergence of the upper end of the market and owner-occupiers looking to downsize out of the traditional family home into a quality product close to amenities,” said Williams.