Home prices in around 300 Queensland house or unit markets have more than doubled over the past five years, showcasing the enduring impact of the Covid boom across the state. The pandemic’s influence on the real estate market was particularly significant in various regions, with Monto in Wide Bay standing out as a leader, experiencing a remarkable 260% increase in house prices since 2020.
According to PropTrack’s Market Trends report, areas like Logan-Beaudesert and Ipswich also saw substantial growth, with North Booval witnessing a threefold rise in unit value. In Logan Central, house prices surged by 140% during the same period, reflecting the widespread trend of remarkable price appreciation.
Not limited to regional areas, Central Queensland, including Gladstone, and popular spots like the Sunshine Coast, Gold Coast, and Cairns, saw significant price increases exceeding 135%. Brisbane’s Moggill and Red Hill emerged as standout winners in the city’s booming market, with house prices soaring to $1.22 million and $1.875 million, respectively.
Angus Moore, an economist at PropTrack, attributed the rapid growth in house prices nationwide to low interest rates during the pandemic and highlighted the impact of interstate migration and pre-pandemic affordability in driving Queensland’s market surge. However, Moore cautioned that the unprecedented growth witnessed in recent years was unlikely to be replicated in the near future.
With the looming uncertainty surrounding interest rates and the evolving global economic landscape, the future trajectory of home prices remains uncertain. Ipswich agent Jordan Strudwick anticipated a further 15 to 20% increase in property values by the end of 2026, fueled by the upcoming Olympic Games in Queensland, promising a significant window of opportunity for homeowners.
Antonia Mercorella, CEO of the Real Estate Institute of Queensland (REIQ), emphasized that Queensland’s post-pandemic success can be attributed to lifestyle preferences, affordability pressures, and the appeal of decentralized population centers. The state’s attractiveness extends beyond the capital city, with more people seeking the benefits of space, sunshine, and a better work-life balance offered by regional areas.
Recent Australian Bureau of Statistics (ABS) data further underlined Queensland’s appeal, with a notable influx of nearly 30,000 new residents in the state, including a substantial number relocating from New South Wales. The regional areas of Queensland, in particular, witnessed a surge in interstate migration, indicating a growing preference for a change in lifestyle.
Buyers agent Simon Pressley highlighted Queensland’s coastal regions as prime real estate destinations, driven by the influx of interstate migrants seeking a lifestyle change away from densely populated capital cities. Analyzing property price growth over a decade, Pressley noted that areas like Noosa, Sunshine Coast, and Gold Coast emerged as top performers, experiencing significant spikes in home values.
As median home prices in Greater Brisbane breached the $1 million mark for the first time, underscoring the ongoing price escalation and affordability challenges, only a few suburbs saw price declines since 2020. Units in Brassall, Ipswich, for instance, were selling for 30% less, reflecting the diverse market dynamics across the state.
The property market in Queensland continues to evolve, shaped by a mix of economic factors, lifestyle preferences, and demographic shifts. With ongoing uncertainty surrounding interest rates and the broader economic landscape, the future trajectory of home prices in the state remains a key area of interest for analysts and homeowners alike.
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