The Queensland property market continues to go from strength to strength, with new data showing house prices rose 3.88 per cent last quarter.
According to the Real Estate Institute of Queensland (REIQ) house prices finished 6.04 per cent higher over the year, while the unit market also rose 3.4 per cent over the quarter or 8.11 per cent annually.
The Brisbane LGA and Ipswich both saw the strongest house price growth at 6.91 per cent, while Noosa and the Gold Coast recorded house prices rise 5 per cent.
Queensland’s regional housing markets continued to experience strong growth, with Toowoomba, Rockhampton, Bundaberg, and Townsville all standout performers over the year.
REIQ Chief Executive Officer Antonia Mercorella said another quarter of solid performance proved the price growth experienced in Queensland was sustainable and likely to stay firm.
“Property prices in the Sunshine State have continued to steadily track in a northerly direction in the December 2023 quarter, rounding out another impressive growth year,” Ms Mercorella said.
“While these sale prices are cause for celebration for property owners when it comes time to sell, it can be frustrating and disheartening for buyers trying to enter or transition into the market.
“This is particularly true for first-home buyers who are competing with other prospective and established buyers for value buys and deals that aren’t as good as they once were.”
She said a balanced marketplace could support both buyers and sellers.
“However, we’re still in a position where the shortage of supply is driving the market and we’re lacking the housing diversity we need for everyone in our community – the critical gap of course is at the affordable end of the market,” Ms Mercorella said.
“For listings that address this gap, real estate agents are reporting that the open homes are overflowing, and second open homes are often unnecessary.”
Ms Mercorella said in lifestyle locations like the Gold Coast, which has surpassed a $1 million house median, most of the stock coming to market catered to luxury living, further perpetuating a high-end, high median market.
“There’s been low levels of construction over a long period of time, lagging social housing builds, and add to that accelerated migration to Queensland, and you’ve got a recipe for a housing crisis,” she said.
“Regionally, our most affordable markets are still nudging into never-before-seen territory, with Rockhampton’s housing market for example, poised to tip over $400,000.
“The regions still offer exceptional value and affordability, and it’s exciting to see these economies having their time in the sun, riding the strength of their property markets.”
The highest volume of house sales across the quarter were Brisbane (3125), Gold Coast (1802) and Moreton Bay (1650), while regionally, Townsville had 1104 sales.
At a quarterly median of just over $1 million, the Gold Coast joined Brisbane ($1.125 million) and Noosa ($1.25m) in the million-dollar median club for the first time.
The strongest house markets for quarterly growth were Brisbane (6.91 per cent), Ipswich (6.9 per cent) and Mackay (6.67 per cent).
Redland (5.62 per cent), the Gold Coast (5 per cent) and Townsville (4.76 per cent) were not far behind, all achieving growth higher than the state average.
Fraser Coast (down 0.34 per cent) remained stable, alongside Cairns (down 1.68 per cent) with potential impacts from Cyclone Jasper in December yet to flow through to the Cairns market.
Noosa – a highly unique lifestyle playground with a median higher than the capital city – dropped 9.42 per cent over the quarter, not necessarily a cause for alarm, but simply suggesting the sales this quarter were no match for the phenomenal period that preceded it.
Looking at annual growth, the standouts were in regional Queensland with Toowoomba holding double-digit growth at 10 per cent, followed by Bundaberg (9.55 per cent) and Rockhampton (9.48 per cent).
Again, Ipswich was among the top performers with 8.39 per cent annual growth.
The longest annual median days on market were seen in Noosa (52 days), Fraser Coast (40 days), Sunshine Coast (37 days), and Gladstone (36.5 days).
The fastest moving markets were Ipswich and Toowoomba (both at 18 days), closely followed by Bundaberg, Cairns and Logan at 20 days and Rockhampton and Townsville at 21 days.
The average house sales campaign length in Queensland was 25 days, and Brisbane’s was 23 days.
Over the quarter, the highest unit sales volumes were seen in Brisbane (2787 sales) and the Gold Coast (1565 sales) both recording positive quarterly growth and even better annual performance at over eight per cent.
The regions topped the state in terms of quarterly unit growth, with Mackay achieving 7.59 per cent growth based on 94 sales, and Townsville (5.26 per cent) and Toowoomba (5.26 per cent) not far behind.
