- Noosa recorded the highest housing and unit medians in Queensland.
- Queensland house medians rose 2.07%, and units were up 3.92%.
- There is a reluctance to sell due to the tight market.
Property prices in Queensland have risen yet again across the September quarter of 2023.
The median Queensland house price is now $690,000, up 2.07%, with the median Queensland unit price now $530,000, up 3.92%, according to the Real Estate Institute of Queensland (REIQ).
Apartments appealling as housing costs rise
“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,” said
REIQ CEO Antonia Mercorella.
“It’s not surprising that units are gaining popularity due to their relatively affordable price point, when budget conscious buyers are wary of rising interest rates and cost of living.”
Antonia Mercorella, REIQ
“When once upon a time you could find more affordable freestanding houses to buy around the half-a-million-dollar mark with a reasonable commute to the city, we’re now hearing that first home buyers are turning to apartments and units instead.”
Notably, Mercorella pointed to the Logan unit market, which recorded 9.17% growth over the quarter and 11.11% growth over the year to $350,000.
Brisbane (2,835) and the Gold Coast (1,621) took the lion’s share of unit sales, while the Sunshine Coast (485) and Moreton Bay (453) rounded out the top four.
The most expensive Queensland unit market remained Noosa, with a median of $1.04 million for the quarter, well ahead of the Sunshine Coast’s $665,000 and the Gold Coast’s $655,000.
On the other end of the spectrum, Gladstone was the most affordable at $254,000, followed by Mackay at $290,000. Cairns and Bundaberg units came in at $330,000 and $335,000 respectively.
In terms of quarterly growth performance, the Rockhampton unit market was exceptional at 19.21%. However, this is to be taken with a grain of salt given it’s based on just 39 listings. Noosa also had an impressive 9.47% growth based on 92 sales.
Other notable unit market performers over the quarter were Logan (9.17%), Mackay (8.75%), Toowoomba (7.75%), and the Sunshine Coast (7.26%).
Listings shortage puts potential sellers in a pickle
“The biggest challenge at the moment is people’s reluctance to sell and make the jump to their next property,” said Mercorella.
“Real estate agents are telling us that people do want to sell their properties, but they’re also held back by concerns about what they are going to be able to buy back into in such a tight market – so it’s a frustrating situation for so many.”
As the Queensland property market returns to a consistent state following the record highs seen in recent times, Mercorella said there will be some expectation management needed for both sellers and buyers.
“On one hand, sellers may need to temper their expectations somewhat from the crazy highs, but equally, buyers who had hoped a bargain was just around the corner will be sorely disappointed as the shortage of stock is keeping the competition hot.”
“Interstate migration and a tight job market are helping to underpin the housing market.
“Queensland property has shaped up to its age-old reputation as a consistent, reliable player, and we expect to see more of the same steady growth as we bring in the new year.”
Housing highlights
Noosa also holds the title of Queensland’s most expensive housing market, with a median of $1.378 million for the quarter.
Other seven figure medians were seen in Brisbane LGA ($1.05 million) and Gold Coast ($1 million), with the Sunshine Coast in striking distance at $950,000.
