The Queensland property market continues to shine, with sales prices rising steadily across the state, according to the latest figures from the Real Estate Institute of Queensland (REIQ).
The June 2024 quarterly report shows ongoing growth in both house and unit prices throughout Queensland.
The median house price statewide surged by 4.46% over the quarter and a substantial 12.14% year-on-year, reaching a new high of $773,000.
Meanwhile, Queensland’s median unit price saw an impressive 5% quarterly increase, with a 14.14% annual jump, bringing the price to $609,000.
Competition in the market has intensified, with properties selling faster than they did a year ago. Houses are now going under contract in just 22 days, while units are snapped up even quicker, averaging 19 days on the market.
Regional Queensland saw some of the highest quarterly growth in house prices, with standout performances in Rockhampton (9.2%), Townsville (8.34%), Gladstone (6.74%), and Mackay (6.19%).
For annual house price growth, Ipswich led the pack with a 16.67% increase, followed closely by Brisbane (16.16%), Toowoomba (16.02%), and Rockhampton (15.07%).
In the unit market, Gladstone (13.82%) and Ipswich (10.59%) recorded strong quarterly gains, while Logan (22.06%) and Ipswich (18.71%) posted significant annual price hikes.
REIQ CEO Antonia Mercorella commented on the wave of enthusiasm spreading across Brisbane and the broader Queensland market.
“Brisbane is buzzing with activity right now, with major developments underway in entertainment, infrastructure, and transport,” Ms. Mercorella said.
“There’s a real sense of optimism for our capital city, and that excitement is rippling out across the entire state — fantastic news for Queenslanders everywhere.”
However, Ms. Mercorella did note the increasing challenges for first-home buyers in Queensland, particularly the growing deposit requirement.
“A 20% deposit for a first home in Queensland is now 1.64 times the average annual income,” she explained.
“With Brisbane’s median house price now sitting at $1.15 million, the average deposit is around $200,000, which is making home ownership an impossible dream for many.”
She highlighted that the rising rental costs are also making it difficult for people to save, with additional expenses like stamp duty and lender’s mortgage insurance further compounding the problem.
To address this, the REIQ has proposed several solutions to the Queensland Government aimed at helping first-time homebuyers bridge the deposit gap, outlined in its state election policy platform.
Ms. Mercorella also emphasized the strain cost-of-living pressures are placing on younger generations, with savings rates falling by at least 3% across all age groups from 20 to 44.
“As highlighted in our state election policies, it’s crucial that we support these younger demographics who are facing one of the toughest economic environments in recent memory,” she concluded.