Queensland’s property market has maintained its upward trajectory, as indicated by the latest data released by the Real Estate Institute of Queensland (REIQ). Over the December 2024 quarter, the median sale price for houses in Queensland surged by 5.9% to $810,000, marking a significant quarterly increase not seen since early 2022.
Conversely, the median sale price for units in Queensland experienced a growth of 2.38% to $645,000 during the same period. While this growth was notable, it represented a slight slowdown compared to the robust increases witnessed in the earlier quarters of 2024.
According to REIQ CEO Antonia Mercorella, the standout performance was not limited to Brisbane, with regions like Ipswich, Moreton Bay, Logan, Toowoomba, Townsville, Rockhampton, Gladstone, and Mackay driving strong housing market gains. The data also indicates a shift towards more affordable housing options outside the capital city, with regional areas showing stronger price growth.
Mercorella highlighted Queensland’s robust economic and demographic fundamentals as key drivers of the state’s property market resilience. Queensland’s Gross State Product (GSP) growth outpaced the national Gross Domestic Product (GDP) growth, while the state’s population growth, particularly through net interstate migration, exceeded the national average.
Over the long term, Queensland has consistently outperformed other states in economic growth and population increase. Mercorella emphasized the need for policymakers to prioritize new housing supply to meet the growing demand for properties in Queensland.
The housing market in Queensland saw various highlights, with areas like Brisbane, Gold Coast, Moreton Bay, and Sunshine Coast recording high house sales volumes. Regional markets such as Rockhampton, Mackay, Townsville, and Gladstone stood out with strong quarterly growth rates.
In the unit market, Brisbane and the Gold Coast led in sales volumes, while regions like Gladstone, Townsville, and Fraser Coast experienced notable quarterly growth. Logan’s unit market saw exceptional annual growth, highlighting the diverse performance across Queensland’s property sectors.
Overall, Queensland’s property market exhibited resilience and robust growth, driven by strong economic fundamentals and demographic trends. The state’s real estate landscape continues to evolve, with regional areas and surrounding regions of Brisbane emerging as property powerhouses.
As Queensland’s property market remains buoyant, stakeholders are urged to monitor market trends closely and address the supply-demand imbalance to ensure sustainable growth and stability in the real estate sector.
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