- Year-on-year, unit prices rose by almost 7%.
- Units are practically half the price of houses in Brisbane.
- Noosa was the most expensive property market in Queensland.
The sun is yet to set on Queensland’s property market, as new quarterly data has revealed continued price growth in the face of high interest rates and an uncertain economic environment.
Today, the Real Estate Institute of Queensland (REIQ) unveiled the quarterly median sales results for the Sunshine State. The median house price for Queensland leapt 4.62%; year on year, house prices were up 5.26%.
REIQ CEO, Antonia Mercorella, said contrary to commentary that property prices would go ‘belly up’, the data showed overall Queensland property is delivering sustainable growth.
“The dust has settled and we’ve returned to a much more stable sales market, with steady growth for owners and more time for buyers, and that’s a great market to be in,” she said.
“Interestingly, units are leading the way in annual growth in many of the state’s major markets, particularly outpacing house growth in Greater Brisbane and the tourism centres.
Queensland’s median unit price rose 3% for the June quarter, while the year-on-year figure took flight at a rate of 6.91%.
“It’s unsurprising that buyers are increasingly recognising the value and appeal of apartments, particularly those wanting to get out of the strained rental market and onto the property ladder,” said Mercorella.
“Over the past couple of years, the divide between house and unit prices in Brisbane has never been bigger, with units presenting a relative ‘bargain’ entry point and opportunity to live closer to the action.”
Olympics and migration to continue driving the market
Mercorella said immigration to the southeast corner will continue to be a primary driver for property growth, particularly with the Olympics on the horizon.
“While these results are somewhat surprising given rising interest rates, Queensland’s market is buoyed by population growth and a lack of listings hitting the market,” she said.
The data revealed that statewide house listings dropped by 18.8%, with almost every major market across Queensland showing a double digit decrease in stock.
Unit market figures offered little solace, recording a listing volume drop of 17.7% over the year.
“It’s slim pickings for buyers hoping to secure a slice of the Sunshine State, and this creates competition and puts upward pressure on prices.
“But buyers have regained some time, with the typical time to sell a house expanding out to 29 days compared to a year ago, and for units it is now 25 days, closer to a normal campaign period.
“The buyer mentality has now swung from FOMO (fear of missing out) to FOMM (fear of making a mistake), and accordingly we’ve seen the return of conditional contracts again.”
Units across Brisbane and the regions strong
The statewide annual median house price reached $650,000, and Brisbane’s annual median sale price dipped back below the $1 million mark to $985,000.
However, unit prices saw records reached. Statewide, the annual median unit price was $495,000, while Brisbane hit a new unit median price record of $510,000.
Regional Queensland also ran hot, with standout performers including Bundaberg and Toowoomba.
Regional Queensland property prices record strong growth, annually
| Location | House Growth (%) | Unit Growth (%) |
|---|---|---|
| Bundaberg | 15.19% | 15.45% |
| Toowoomba | 10.75% | 12.5% |
| Fraser Coast | 10.71% | 17.73% |
| Ipswich | 11.34% | 13.69% |
Source: REIQ.
Brisbane and the Gold Coast were the strongest unit markets, recording 2,550 and 1,532 sales for the quarter, respectively.
Noosa was the most expensive unit market by a country mile, with a median unit price of $1,052,500 for the quarter. The next most expensive was the Gold Coast ($645,000) and the broader Sunshine Coast ($615,000); Brisbane ranked fourth with a quarterly median of $528,000.
Some markets, however, took a backward step.
Negative quarterly changes in Queensland’s regions
| Location | Quarterly Change (%) |
|---|---|
| Toowoomba | -9.21% |
| Mackay | -8.33% |
| Sunshine Coast | -3.91% |
| Rockhampton | -3.69% |
| Townsville | -0.49% |
Source: REIQ.
Queensland house prices grow
Noosa remained the most expensive location for Queensland house prices, with a median house price of $1.3 million for the quarter. This was followed by Brisbane at $1.02 million, Gold Coast at $985,000, and Sunshine Coast at $936,000.
The highest volume of house sales across the quarter were Brisbane (2,774), Gold Coast (1,780), and Moreton Bay (1,530), followed closely by Logan (1,177) and Sunshine Coast (1,056).
The strongest house market performers for quarterly growth were Brisbane (4.62%), Redland (4.58%), and Noosa (4%).
Looking at annual growth, the top five double-digit house market performers were Bundaberg (15.19%), Ipswich (11.34%), Toowoomba (10.75%), Fraser Coast (10.71%), and Rockhampton (10.61%).
