In the surge of Queensland's property market, the latest quarterly median sales results (December 2023 Quarter) released by the Real Estate Institute of Queensland (REIQ) show unprecedented growth and record-breaking figures.
Median house prices across Queensland soared by 3.88% over the quarter and an impressive 6.04% annually.
Brisbane
Brisbane led the charge in house price appreciation, recording a staggering 6.91% increase, pushing the median to $1,125,000 in the Brisbane LGA. House prices across Brisbane are now topping $1,000,000 in more than 60 suburbs (Domain).
Gold Coast
The Gold Coast, previously reserved for exclusive locales like Brisbane and Noosa, now joined the million-dollar median club after a remarkable 5% surge.
Sunshine Coast
With a median value of more than $965,000, the Sunshine Coast has overtaken the Gold Coast region for the highest median value in regional Queensland.
Regional Markets
Beyond the urban landscape, regional housing markets in Queensland showcased their resilience and vitality, with Toowoomba, Rockhampton, Bundaberg, and Townsville emerging as standout performers, edging closer to new price brackets.
One coastal region in Queensland is experiencing the most rapid growth in property prices is Wide Bay. In the past five years, property prices in Wide Bay, which includes Bundaberg, Hervey Bay, and Maryborough, have risen between 65-75%.
Ipswich
Ipswich followed suit, boasting a growth rate matched by its neighbouring city at a relatively affordable median price of $620,000.
On The Horizon for Queensland
Antonia Mercorella, CEO of REIQ, affirmed the sustainability of this upward trajectory, emphasising that the Queensland's property prices continue to ascend steadily, signalling another year of remarkable growth.
Mercorella stressed the importance of a balanced marketplace that accommodates both buyers and sellers, highlighting the critical need for increased housing diversity, particularly in the affordable segment. This means that demand for investors to provide homes to tentants is strong.
As demand outstrips supply, exacerbating the housing crisis, select locations in Queensland are on the brink of surpassing unprecedented price milestones, while still offering exceptional value and affordability.
The upward force of regional economies is a testament to the resilience and strength of Queensland's property market.
Comments