queensland property prices leap again in september quarter 2023
Noosa continues to record the most expensive median prices for both houses and units in Queensland. Image: Canva.
  • 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.

antonia mercorella ceo reiq real estate institute of queensland
Antonia Mercorella,. CEO of REIQ. Image: Supplied.

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.




You May Also Like

Townsville’s $200K price mismatch between new and existing homes drives demand into the established home market

Demand for established homes is expected to push prices up, with major local projects also seeing people move to Townsville.

Sydney needs more density, not more sprawl, to solve housing woes

Developing inner Sydney suburbs can enhance productivity, wages, and reduce carbon emissions while conserving land and green spaces.

Australia’s regional property market records quarterly home price rise of 1.2%, outpacing the capital cities

Some of the strongest performers were dotted across Western Australia and Queensland.

Eastern state investors are swarming to Perth’s southwest, drawn by high yields and low prices

Interstate investors rush to claim a slice of Perth’s southwest, as listings plummet below 4000, escalating competition.

Experts Corner by The Property Tribune

Ko & NPA partner to launch several co-owned luxury properties at Mermaid Beach, Gold Coast

Ko's partnership with NPA Projects provides more opportunities to co-own off-the-plan holiday residences, including exclusive Gold Coast properties

Continue reading

Top Articles

Expert tips on how to be a successful property investor

Property expert and buyer's agent, Lloyd Edge, shares his insights.

Australian commercial property update: Industrial and tourism assets lead the pack in trying times

Commercial assets have faced volatility recently, driven by financing changes and demand fluctuations from institutions and funds.

WA has emerged as a property investment hub, and why that's a good thing

Eastern investors chase Perth's affordability, doubling the distance between home and investment in 2023, reveals MCG research.