Queensland house prices stabilise as unit market surges ahead

Queensland residential property prices steadied during the September quarter while unit prices continued strong growth across the state.

The median house price rose just 0.26% to $772,000, according to new Real Estate Institute of Queensland data.

Regional areas led house price growth, with Mackay rising 8.83%, Noosa 7.37%, Townsville 6% and Gladstone 4.93%.

“The September quarter results demonstrate a stabilisation in Queensland’s residential property market, which is a positive sign of the market finding its rhythm after a period of rapid price escalation,” REIQ CEO Antonia Mercorella said.

Noosa remained Queensland’s most expensive market with a median house price of $1.42 million, followed by Brisbane ($1.187m), Gold Coast ($1.092m) and Sunshine Coast ($1.049m).

The unit market showed stronger performance, rising 2.79% to $627,000 across Queensland, with some regions recording substantial annual growth including Logan (28.19%), Ipswich (24.85%) and Bundaberg (22.39%).

Properties are selling quickly, with houses taking a median 21 days to sell and units just 18 days.

First home buyer activity has remained steady with 22,500 new loans over the past year, representing 19% of the market.

“With all the recent speculation about interest rate cuts, buyers may be waiting to see what happens, hoping to boost their buying power,” Mercorella said.

She noted supply constraints and high construction costs continue to impact the market, with Queensland recording the largest increase in building costs over the past five years, up 44%.