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Latest figures from the Real Estate Institute of Queensland (REIQ) tell a tale of stable gains across the Sunshine State.
According to the REIQ, Queensland median house prices rose 3.9 per cent over the fourth quarter of 2023 and 6 per cent over the year, while the median unit price climbed 3.4 per cent over the quarter or 8.1 per cent annually.
Brisbane prices led growth over the three months to December, with house prices rising 6.9 per cent to a Brisbane median of $1,125,000. Ipswich was the only other local government area (LGA) to keep pace with this rapid rise, taking the neighbouring city to a median house price of $620,000.
With house prices rising 5 per cent on the Gold Coast over the quarter, the LGA was able to hit the million-dollar median mark, joining the likes of Brisbane and Noosa as the Queensland areas where homes generally sell for seven figures.
Noosa made news this quarter for being one of the few LGAs to see house prices fall, joined by the Fraser Coast and Cairns.
Across the state, growth continued in all other regional markets, with particular strength concentrated in Toowoomba, Rockhampton, Bundaberg and Townsville.
With the latest data reflecting that prices are generally on a steady rise across the state, REIQ chief executive officer Antonia Mercorella predicted that prices will stay firm in the months ahead.
“Property prices in the Sunshine State have continued to steadily track in a northerly direction in the December 2023 quarter, rounding out another impressive growth year,” Ms Mercorella said.
The CEO noted that steady gains would not be music to everyone’s ears.
“While these sale prices are cause for celebration for property owners when it comes time to sell, it can be frustrating and disheartening for buyers trying to enter or transition into the market.
“This is particularly true for first home buyers who are competing with other prospective and established buyers for value buys and deals that aren’t as good as they once were,” she acknowledged.
Ms Mercorella spoke to the changes that the REIQ would like to see in the state.
“The reality is that a balanced marketplace could support both – we want to see the dream of home ownership stay alive for first home buyers in our state, and we need property investors to put a roof over the head of our renters.
“However, we’re still in a position where the shortage of supply is driving the market and we’re lacking the housing diversity we need for everyone in our community – the critical gap of course is at the affordable end of the market,” she noted.
Agents across the state have been reporting being flooded with interest for properties being offered at lower price points.
“For listings that address this gap, real estate agents are reporting that the open homes are overflowing, and second open homes are often unnecessary,” Ms Mercorella said.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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