Queensland’s property market is on fire, experiencing its most significant quarterly growth since early 2022. The latest data from the Real Estate Institute of Queensland (REIQ) reveals surging buyer demand and strong economic fundamentals driving this impressive upswing.
House Prices Surge Across the State
Over the December 2024 quarter, Queensland’s median house price climbed by a remarkable 5.9%, reaching $810,000. This sharp increase reflects the sustained demand that echoes the post-pandemic property boom of early 2022.
Steady Unit Price Growth
Unit prices also experienced an upward trend, though at a more moderate pace. The median unit price rose by 2.38%, now sitting at $645,000. While this growth is slightly below previous quarters' 5% increases, it still underscores the continued appeal of apartment living in the Sunshine State.
Regional Queensland Shines
While Brisbane’s house price growth remained modest at 1.25%, regional Queensland stole the spotlight with impressive gains. Significant price surges were recorded in Ipswich, Moreton Bay, Logan, Toowoomba, Townsville, Rockhampton, Gladstone, and Mackay.
“Local economies in these regions are thriving, attracting buyers seeking affordability beyond Brisbane,” said REIQ CEO Antonia Mercorella.
Rockhampton Leads the Market Boom
Rockhampton emerged as Queensland’s fastest-growing housing market, with an astounding 7.14% increase, bringing its median house price to $525,000. Bundaberg, Mackay, Townsville, and Gladstone also experienced substantial growth, solidifying regional Queensland’s status as a real estate powerhouse.
Homes Selling Faster Than Ever
The market’s momentum is evident in the speed of sales. The average time to sell a property in Queensland dropped to just 21 days, with Brisbane properties selling even faster at 20 days.
For the most in-demand markets, Rockhampton and Townsville led the way, with homes spending a mere 11 and 12 days on the market, respectively. This fast-paced turnover underscores the urgency among buyers to secure properties in Queensland’s hottest locations.
Unit Market Shows Strength
Brisbane dominated unit sales, recording 2,408 transactions, followed by the Gold Coast (1,430) and Sunshine Coast (508). However, Gladstone stole the spotlight with the highest unit price growth—soaring 15.12% to a median of $354,000. Townsville and Fraser Coast also recorded significant gains.
Queensland’s Population Growth Fuels Demand
A key driver of this property market boom is Queensland’s exceptional population growth. The state’s growth rate of 2.3% outpaced the national average, fueled by a massive influx of nearly 30,000 interstate migrants—the highest in Australia. This surge in population continues to drive demand for housing, particularly in regional areas where affordability remains a major drawcard.
What’s Next for 2025?
With the Reserve Bank of Australia recently cutting interest rates—the first reduction in over four years—experts predict continued growth throughout 2025.
“Lower interest rates, combined with strong buyer demand, will keep Queensland’s property market thriving,” Mercorella concluded.
For buyers, sellers, and investors, Queensland remains a prime real estate hotspot. Whether you're looking for an investment opportunity or a dream home, now is the time to act!