QUEENSLAND’S rapidly rising residential property prices stabilised over the September 2024 quarter (July – September 2024), as a wave of spring sales began settling.
The latest median sales results released by the Real Estate Institute of Queensland reveals a modest 0.26% increase in Queensland’s median house prices for the quarter, lifting to $772,000.
While annual house price growth remains impressive across the state, some regions saw slight quarter-on-quarter dips, suggesting a slowdown rather than a halt in price growth.
The Gold Coast, Brisbane, and Cairns were among the house markets showing signs of stabilisation, while regional areas like Mackay (8.83%), Noosa (7.37%), Townsville (6%) and Gladstone (4.93%) experienced the most significant quarterly gains.
Noosa held onto the crown for Queensland’s most expensive market, with a remarkable quarterly median house price of $1.42 million, surpassing Brisbane ($1.187m), the Gold Coast ($1.092m) and the Sunshine Coast ($1.049m), which also posted million-dollar-medians.
In Greater Brisbane ($870k), prices continued their steady ascent, with Redlands reaching a median of $900,000, Moreton Bay at $820,000, and Ipswich maintaining its reputation for value for money at $695,000.
For prospective buyers chasing a price under the half million mark, opportunities have become increasingly limited, and Rockhampton ($480k) and Gladstone ($500k) are the last remaining regional centres under this milestone.
Median days on market continue to drop, with Queensland houses now selling in 21 days. The longest annual median days on market were Bundaberg (47 days), Moreton Bay (38) and Rockhampton (29). The fastest were Townsville (13), Mackay (13), Fraser Coast (14.5).
Meanwhile, units continue to perform strongly while remaining comparatively much more affordable, rising 2.79% over the quarter across Queensland to $627,000.
Staggering annual unit median price growth as high as 28.19% in Logan, 24.85% in Ipswich, and 22.39% in Bundaberg demonstrates a steep rise in popularity.
Quarterly standout unit market performers were Noosa (19.57%) and Rockhampton (15.36%), and solid growth was also seen in Fraser Coast (8.72%) and Townsville (8.13%).
Bundaberg took a backseat for price growth over the September quarter but is still underscored by impressive annual growth. Similarly, Ipswich and Gladstone had smaller dips quarter-to-quarter, but off the back of sizeable annual changes.
Noosa units are in a league of their own when it comes to prices, sitting at a staggering $1.1 million in the September quarter, smashing the rest of the state’s unit prices, as well as eclipsing many housing markets.
Second and third most expensive unit markets go to the Gold Coast ($767k) and Sunshine Coast ($730k), with Brisbane missing out on the podium finish at $665k.
The Gladstone unit median was the most affordable at $300k, followed by Townsville ($346k), Mackay ($350k), and Cairns ($370k). Closer to Brisbane, Ipswich sits at $460k.
Queensland units are now selling in a rapid 18 days.
REIQ CEO Antonia Mercorella said while prices may not be soaring as high as they have in recent years, the steady market reflects sustained demand and resilience in the state.
“The September quarter results demonstrate a stabilisation in Queensland’s residential property market,,” Ms Mercorella said.
“Despite the slight quarterly fluctuations in some areas, the annual figures confirm Queensland’s property market remains a solid investment choice.
