Queensland real estate market continues strong growth in 2024
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The Real Estate Institute of Queensland (REIQ) has reported continued growth in Queensland’s property market for the March 2024 quarter, with median prices for units and houses showing significant increases. According to REIQ, units saw a growth of 5.09% to a median price of $578,000, while houses increased by 2.07% to $735,000 over the same period. Over the year, units experienced a 10.2% rise and houses an 8.46% increase.
In Brisbane, the capital city’s housing market grew by 3.1% to a median sale price of $1.16 million, while units rose by 4.31% to $605,000. The million-dollar median markets for this quarter included Brisbane, Gold Coast, Sunshine Coast, and Noosa for freestanding houses, with Noosa units also reaching a median of $1 million.
Antonia Mercorella, CEO of REIQ, highlighted the sustained growth across Queensland, driven by a shortage of supply and competitive market conditions. “The 2024 Queensland property sales market has set off in a northerly direction showing positive signs of growth and impressive sales results over the quarter,” she said.
The report also noted significant growth in regions outside the capital, with Ipswich, Logan, and Toowoomba showing impressive growth rates for both houses and units. Logan and Toowoomba were particularly strong performers for apartment growth, with increases of 9.99% and 6.88% respectively.
Ms. Mercorella discussed strategies for aspiring homeowners struggling with rising prices, suggesting ‘rentvesting’ as a viable option. This involves purchasing a property in a more affordable location for investment purposes while continuing to rent in a preferred area to balance work and lifestyle needs. “Queensland has the lowest proportion of first home buyers in the country, and it’s essential to explore all options, including available grants and concessions, to navigate the property ladder effectively,” she advised.
The REIQ media release also highlighted the new $700,000 threshold for stamp duty concessions for first home buyers in Queensland, aimed at boosting confidence and helping more people achieve their homeownership goals.