Year-on-year, unit prices rose by almost 7%.
Units are practically half the price of houses in Brisbane.
Noosa was the most expensive property market in Queensland.
As new quarterly data shows, the sun isn’t going down on Queensland’s property market despite high interest rates and uncertainty in the economy.
The Real Estate Institute of Queensland (REIQ) released its quarterly median sales results for the Sunshine State today. Median house prices jumped 4.62% year-on-year.
The data showed overall Queensland property is growing sustainably, contrary to commentary that prices will go ‘belly up’, said REIQ CEO Antonia Mercorella.
“The dust has settled and we’re back to a much more stable sales market, with steady growth for owners and more time for buyers,” she said.
The growth of units is outpacing house growth in Greater Brisbane and the tourism centres in many of the state’s major markets.
Queensland’s median unit price rose 3% for the June quarter, while the year-on-year number jumped 6.91%.
“It’s no surprise buyers are looking to apartments to escape the rental market and get onto the housing ladder,” said Mercorella.
“The price gap between houses and units in Brisbane has never been bigger, with units presenting a relative ‘bargain’ entry point.”
The Olympics and migration will keep driving the market
With the Olympics coming up, immigration to the southeast corner will continue to be a primary driver for property growth.
Although these results are surprising given rising interest rates, Queensland’s market is boosted by population growth and a lack of listings.
House listings dropped by 18.8% statewide, with almost every major market in Queensland showing a double-digit drop.
Listing volume dropped 17.7% over the year, offering little comfort.
“It’s slim pickings for buyers looking to buy in Florida, which creates competition and puts upward pressure on prices.
However, buyers have gained some time, with a typical time to sell a house extending out to 29 days from a year ago, and for units it’s now 25 days, which is closer to a normal campaign.
Now that FOMO (fear of missing out) has turned into FOMM (fear of making a mistake), conditional contracts are back in vogue.
Our units are strong across Brisbane and the region
Statewide, the median house price was $650,000, and Brisbane’s was $985,000, back below $1 million.
Statewide, the median unit price was $495,000, and Brisbane hit a new record of $510,000.
Bundaberg and Toowoomba were standouts in regional Queensland.
The Gold Coast and Brisbane were the strongest unit markets, with 2,550 and 1,532 sales, respectively.
The most expensive unit market was Noosa, with a median price of $1,052,500 for the quarter, followed by Gold Coast ($645,000) and Sunshine Coast ($615,000). Brisbane ranked fourth with a median price of $528,000.
Markets went backward in some places, though.
House prices in Queensland are up
For the quarter, Noosa had the most expensive house prices in Queensland, with a median house price of $1.3 million. Brisbane came in at $1.02 million, Gold Coast at $985,000, and Sunshine Coast at $936,000.
Across the quarter, Brisbane (2,774), Gold Coast (1,780), and Moreton Bay (1,530) had the most house sales, followed by Logan (1,177) and Sunshine Coast (1,056).
Brisbane (4.62%), Redland (4.58%), and Noosa (4%), had the best quarterly growth.
The top five double-digit house market performers were Bundaberg (15.19%), Ipswich (11.34%), Toowoomba (10.75%), Fraser Coast (10.71%), and Rockhampton (10.61%).