Queensland property market posts highest quarterly growth since 2022

Queensland’s property market experienced its strongest quarterly growth since early 2022, driven by robust buyer demand and solid economic fundamentals, according to the latest data from the Real Estate Institute of Queensland (REIQ).

Over the December quarter of 2024, the median house price across Queensland rose by 5.9%, pushing the median price to $810,000. This significant increase reflects continued demand reminiscent of the post-pandemic surge in early 2022.

Unit prices also grew during this period, albeit at a more moderate rate of 2.38%, bringing the median unit price to $645,000. While solid, this growth was below the strong increases of around 5% observed in previous quarters.

REIQ CEO Antonia Mercorella highlighted that, although Brisbane recorded modest house price growth of 1.25%, significant price increases were widespread across regional Queensland, including Ipswich, Moreton Bay, Logan, Toowoomba, Townsville, Rockhampton, Gladstone, and Mackay.

“Local economies in these regional areas are thriving and sustaining strong housing markets,” Mercorella explained. “Buyers are increasingly attracted to these regions as they seek more affordable options outside Brisbane.”

During the final quarter of 2024, the highest house sales volumes were recorded in Brisbane (3,438), Gold Coast (2,013), Moreton Bay (1,715), and Sunshine Coast (1,321). Rockhampton emerged as the fastest-growing house market, recording a quarterly growth of 7.14% to reach a median price of $525,000, followed by Mackay, Townsville, and Gladstone.

Properties also sold faster, with the average sales campaign across Queensland lasting 21 days, slightly quicker in Brisbane at 20 days. Rockhampton and Townsville were the fastest-selling markets, with average sales periods of just 11 and 12 days, respectively.

Unit sales were highest in Brisbane (2,408), Gold Coast (1,430), and Sunshine Coast (508). Gladstone topped unit price growth, surging 15.12% to a median price of $354,000, followed by significant rises in Townsville and Fraser Coast.

Mercorella attributed the resilience of Queensland’s property market to robust economic and demographic factors. Queensland’s population growth rate of 2.3% exceeded the national average, bolstered by the highest interstate migration of nearly 30,000 people.

Looking forward, Mercorella expects Queensland’s property market momentum to continue throughout 2025, particularly following the recent interest rate cut by the Reserve Bank of Australia, the first in over four years.

“Strong buyer demand coupled with positive sentiment from lower interest rates will continue to invigorate Queensland’s property market this year,” Mercorella concluded.