Last quarter property surge in Queensland highest since 2022
Median sale price for houses across Queensland rose a phenomenal 5.9 per cent to $810,000 during December quarter.
QUEENSLAND’S property saw its highest surge since 2022 in the last quarter, new data shows.
The property market in the sunshine state kept powering ahead over the December 2024 quarter, according to latest sales results released by the Real Estate Institute of Queensland (REIQ).
Over the quarter, the median sale price for houses across Queensland rose a phenomenal 5.9 per cent to $810,000.
The last time prices climbed so quickly was during the post-pandemic surge in 2022.
For units across Queensland, the price grew 2.38 per cent to $645,000.
That’s a retreat from the significant growth spurts in the first two quarters of 2024 – when quarterly growth was over 5 per cent.
REIQ CEO Antonia Mercorella said: “What is evident from the data is that the growing local economies of areas such as Ipswich, Moreton Bay, Logan, Toowoomba, Townsville, Rockhampton, Gladstone and Mackay, among other regional areas, are sustaining strong housing markets.
“It also suggests that demand is gravitating towards more affordable housing, as people search for value outside of the capital city, a trend further supported by stronger price growth in Brisbane’s surrounding regions.
“While Brisbane’s ‘Cinderella story’ is far from over, the regions and Greater Brisbane LGAs are proving to be Queensland’s property powerhouses.”
Ms Mercorella said Queensland property had demonstrated unwavering resilience due to strong housing market fundamentals, particularly on the demand side.
“Queensland has consistently strong economic and demographic fundamentals which underpin our state’s property market performance,” Ms Mercorella said.
Population growth of 2.3 per cent outdid the nation’s 2.1 per cent in the year to last June.
Interstate migration of almost 30,000 people was the highest.
“This high net migration as part of our population mix is significant because it’s made up of more adults, compared to more families from natural increase, and this means a higher proportion of people seeking their own households.
These fundamentals have not been fleeting either – over the longer term, Queensland has also outperformed the rest of Australia in terms of economic growth and population, according to the REIQ.
Ms Mercorella said the REIQ remains concerned that the supply side is lagging behind the demand for properties and maintains that new housing needs to stay a policy priority.
