Another quarter has brought another round of records for Queensland’s property prices, according to the latest quarterly median sales results (December 2023 Quarter) released by the Real Estate Institute of Queensland (REIQ) this month.
Across Queensland, median house prices climbed 3.88 per cent over the quarter, and 6.04 per cent over the year, and this healthy growth was also reflected in the unit market with the state median median rising 3.4 per cent over the quarter or 8.11 per cent annually.
The capital city led the charge for house price growth over the quarter at 6.91 per cent to a Brisbane LGA median of $1,125,000, with this growth rate matched by neighbouring city Ipswich but at a relative bargain median price of $620,000.
Previously only a position held by Brisbane and Noosa, the Gold Coast got a podium place for hitting the million-dollar median mark this quarter, after rising an impressive five per cent.
Taking a broader view, Queensland’s regional housing markets also continued to experience strong growth, with Toowoomba, Rockhampton, Bundaberg, and Townsville all standout performers over the year and nudging closer to brand-new price brackets.
REIQ CEO Antonia Mercorella said another quarter of solid performance proved the price growth experienced in Queensland was sustainable and likely to stay firm.
“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.
“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.
“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.
“For listings that address this gap, real estate agents are reporting that the open homes are overflowing, and second open homes are often unnecessary.
“In lifestyle locations like the Gold Coast, that just surpassed a $1 million house median, most of the stock coming to market is set to cater to luxury living, further perpetuating a high-end, high median market.
“There’s been low levels of construction over a long period of time, lagging social housing builds, and add to that accelerated migration to Queensland, and you’ve got a recipe for a housing crisis.
“Regionally, our most affordable markets are still nudging into never-before-seen territory, with Rockhampton’s housing market for example, poised to tip over $400,000.
“The regions still offer exceptional value and affordability,”
