Queensland’s property market has shown resilience and steady growth, as revealed by the latest median sales results from the Real Estate Institute of Queensland (REIQ). Over the September 2023 quarter, the median house prices across the Sunshine State have seen a lift of 2.07 percent to reach $690,000, while unit prices have jumped by an impressive 3.92 percent, settling at a median of $530,000.
REIQ CEO, Antonia Mercorella, acknowledged the robust nature of Queensland’s property market, describing it as “undoubtedly a good, consistent performer,” and a magnet for those seeking the reliability of a solid ‘bricks and mortar’ investment. “Unit price growth seems to be awakening from a long slumber, as people adjust their expectations and use them as stepping stones into the housing market,” she commented on the burgeoning popularity of units as an entry point for first homebuyers.
Mercorella identified the key regions attracting potential homeowners. “For instance, Greater Brisbane’s unit market continues to go from strength to strength representing great value and growth in good proximity to the state capital,” she expressed, highlighting Logan’s unit market, in particular, for its exceptional 9.17 percent quarterly growth.
While regional areas such as Toowoomba and Townsville represent a more affordable choice for property-seekers – with annual median house prices well below Greater Brisbane’s – the scarcity of sales listings is proving to be a challenging catch-22 situation. “The biggest challenge at the moment is people’s reluctance to sell and make the jump to their next property,” Mercorella explained.
There may have been “a few small dips over the quarter,” according to Mercorella, but she urges keeping perspective as the market normalizes after a period of record-setting highs. “We are back to a consistent, ‘steady as she goes’ market which means there will be some expectation management needed for both sellers and buyers,” she said, striking a note of realism amid fluctuating expectations.
In terms of sales volume, Brisbane led the way for house sales, followed by the Gold Coast and Moreton Bay. Noosa again emerged as Queensland’s most expensive housing market, with a median of $1.378 million. Rockhampton and Gladstone were noted for their affordability, providing some of the best value in the market.
The standout performers in quarterly growth included Noosa, Toowoomba, and Ipswich. In contrast, markets such as Mackay, Rockhampton, and Gold Coast remained stable, while Bundaberg saw a slight retreat. A glance at the annual growth revealed double-digit increases for regions like Rockhampton, Bundaberg, and Toowoomba, with even tourism-centric locations like Fraser Coast and Cairns showcasing positive numbers.
Unit markets across the state echoed the upturn, with Brisbane and Gold Coast seeing the highest numbers of sales. Notably, Noosa clinched the title for the priciest unit market at a median unit price of $1,040,000. The most affordable units were found in Gladstone, while the Rockhampton unit market experienced staggering quarterly growth, albeit based on fewer listings.
Overall, Queensland’s property landscape is showing robust health and vitality as we head into the coming year, promising more steady growth that will no doubt attract investors and homebuyers alike. “Queensland property has shaped up to its age-old reputation as a consistent, reliable player,” Mercorella anticipates, “and we expect to see more of the same steady growth as we bring in the new year.”