Queensland’s property market is on fire! The December quarter of 2024 saw a remarkable 5.9% surge in house prices, pushing the median price to $810,000. This marks the strongest quarterly growth since the post-pandemic property boom of early 2022, according to fresh data from the Real Estate Institute of Queensland (REIQ).
Units also performed solidly, rising 2.38% to a median of $645,000. However, this signals a slight slowdown compared to the stronger price hikes seen earlier in the year.
Regional Hotspots Driving Growth
Regional Queensland is leading the charge, with areas like Ipswich, Moreton Bay, Logan, Toowoomba, Bundaberg, Townsville, Rockhampton, Gladstone, and Mackay showing impressive growth.
“What is evident from the data is that the growing local economies of these areas are sustaining strong housing markets,” said REIQ CEO Antonia Mercorella.
While Brisbane’s house prices recorded a modest 1.25% increase, the surrounding regions experienced significant demand as buyers sought more affordable options.
“It suggests that demand is gravitating towards more affordable housing, as people search for value outside of the capital city,” Ms. Mercorella added.
Rockhampton, Mackay & Townsville Lead the Charge
Rockhampton took the crown for the highest regional house price growth, soaring 7.14% to a median of $525,000. Mackay followed closely behind with a 6.19% jump to $600,000, while Townsville recorded a 5.66% increase, bringing its median price to $560,000.
Townsville stood out not only for its price growth but also for its high sales volume, with 1,102 transactions recorded and an eye-watering 22.62% annual price growth.
The Gold Coast & Beyond
The Gold Coast remained a top performer, with house prices climbing 4.55% to $1.15 million—a 14% increase over the past year.
Meanwhile, Gladstone recorded the fastest-selling homes in the state, with an average of just 12 days on the market compared to the Queensland-wide average of 21 days.
Strong Economy & Population Growth Fueling Demand
Queensland’s economic and population fundamentals remain strong, underpinning the state’s resilient property market.
“Queensland’s Gross State Product (GSP) grew by 2.1% in 2023-24, outpacing Australia’s national GDP growth of 1.4%,” said Ms. Mercorella.
Additionally, Queensland led the nation in population growth, increasing by 2.3% in the year to June 2024, with a net interstate migration gain of almost 30,000 people—more than three times Western Australia’s growth.
Unit Market Highlights
Queensland’s unit market also showed some standout performances:
* Gladstone: Up 15.12% to $354,000
* Townsville: Up 11.76% to $380,000
* Fraser Coast: Up 8.83% to $530,000
Supply Struggles Persist
Despite the market’s strong performance, the REIQ warns that supply isn’t keeping up with demand.
Private dwelling completions in the September quarter of 2024 remained below historical averages at just 8,128 homes, while total annual completions reached around 32,700—well short of the 49,000 needed to meet national housing targets.
“Queensland property prices held firm despite higher interest rates, and we expect they will be invigorated by the recent cash rate cut and the confidence it brings,” Ms. Mercorella concluded.
The Bottom Line
With strong economic performance, continued population growth, and a surge in demand for affordable housing, Queensland’s property market shows no signs of slowing down. If you’re looking to buy, sell, or invest, now is the time to explore your opportunities in this dynamic market!