Queensland property prices continue to soar, REIQ data shows
By
The Queensland property market has maintained its strong performance, with median sales prices increasing across the state, according to the latest data from the Real Estate Institute of Queensland (REIQ).
The June 2024 quarter results reveal steady growth in both house and unit prices throughout Queensland.
The statewide median house price rose 4.46 per cent over the quarter and 12.14 per cent annually, reaching $773,000.
Queensland’s median unit price also increased by 5 per cent quarterly and 14.14 per cent annually, hitting $609,000.
The market has become more competitive, with properties selling faster compared to the previous year.
Houses are now selling in about 22 days, while units are being purchased in just 19 days.
Regional areas showed some of the strongest quarterly growth in the house market, including Rockhampton (9.2%), Townsville (8.34%), Gladstone (6.74%) and Mackay (6.19%).
==
==
Looking at annual house price growth, the top performers were Ipswich (16.67%), Brisbane (16.16%), Toowoomba (16.02%) and Rockhampton (15.07%).
In the unit market, Gladstone (13.82%) and Ipswich (10.59%) stood out for quarterly price growth, while Logan (22.06%) and Ipswich (18.71%) showed significant annual increases.
REIQ CEO Antonia Mercorella said there was a sense of excitement around Brisbane and beyond.
“Brisbane has so much going for it at the moment with various transformational projects in the works for entertainment, infrastructure and transport,” Ms Mercorella said.
“The optimism for our capital city is contagious, creating a ripple effect right across the state — great news for all Queenslanders.”
However, Ms Mercorella highlighted the challenges facing first home buyers in Queensland, particularly the widening deposit gap.
“In Queensland, a 20% home deposit for a first home now represents 1.64 times the average annual earnings,” she said.
“With the annual median house price in Brisbane now $1.15m, the median deposit is now $200,000, putting the dream of home ownership out of reach for many.”
Ms Mercorella noted that high rental costs make it difficult for individuals to save for a home purchase, especially when factoring in additional costs like stamp duty and lender’s mortgage insurance.
The REIQ has proposed several measures to the Queensland Government to help homebuyers overcome the deposit gap in its recently launched state election policy platform.
Ms Mercorella also pointed out that cost-of-living challenges are particularly affecting younger age groups, with all age brackets from 20 to 44 seeing a deterioration in their savings by at least three per cent.
“As the REIQ demonstrated in our state election policies, it is this demographic that we need to help into home ownership, as they are facing the most difficult economic environment in living memory,” she said.