The latest data from the institute reveals that the median sale price for houses in Queensland experienced a 5.9% increase during the December quarter of 2024.
This growth brings the median sale price for houses in Queensland to $810,000, marking a quarterly increase that hasn’t been seen since early 2022 during the post-pandemic surge.
For units in Queensland, the median sale price increased by 2.38% to reach $645,000. While this growth is solid, it deviates from the significant growth spurts of around 5% observed in the first quarters of 2024.
According to REIQ CEO Antonia Mercorella, Brisbane’s median house price saw a modest increase of 1.25%. However, she noted that the large gains were scattered across the Sunshine State.
Mercorella emphasized that the growing local economies in areas such as Ipswich, Moreton Bay, Logan, Toowoomba, Townsville, Rockhampton, Gladstone, and Mackay, among other regional areas, are sustaining strong housing markets.
She also believes that the stronger price growth in Brisbane’s surrounding regions indicates a shift in demand towards more affordable housing, as buyers search for value outside of the capital city.
Queensland sales hold strong over Q4 2024
The institute’s data shows that the highest volume of house sales during the quarter were recorded in Brisbane (3,438), followed by the Gold Coast (2,013), Moreton Bay (1,715), and the Sunshine Coast (1,321).
Rockhampton experienced the strongest house market growth during the final months of 2024, with a 7.14% increase in median sale price to $525,000. This was followed by Mackay (6.19% growth to $600,000), Townsville (5.66% growth to $560,000), and Gladstone (4.9% growth to $535,000).
The average sales campaign for houses in Queensland lasted 21 days, while in Brisbane, it was 20 days.
Gladstone saw a significant drop in average days on the market, reducing by 23 days to an average of only 12 days.
Noosa, Fraser Coast, and the Sunshine Coast recorded the longest median days on the market, with 47 days, 33 days, and 29 days, respectively. On the other hand, Rockhampton and Townsville were the fastest-moving markets, with only 11 days and 12 days, respectively.
Regarding units, the highest sales volumes during the quarter were seen in Brisbane (2,408), the Gold Coast (1,430), and the Sunshine Coast (508).
The REIQ cautions that interpreting unit growth data can be challenging due to lower volumes in regional areas and the influence of specific unit developments entering the market.
Nevertheless, the institute observed that Gladstone experienced the highest quarterly growth for units, with a 15.12% increase to $354,000. This was followed by Townsville (11.76% growth to $380,000) and Fraser Coast (8.83% growth to $530,000).
The state average for unit sales campaigns decreased to 18 days over the quarter. Ipswich, Moreton Bay, and Toowoomba were the fastest markets, with an average selling time of only 13 days.
Mercorella stated that Queensland’s property market has demonstrated unwavering resilience due to strong housing market fundamentals and persistent buyer demand.
She highlighted that Queensland’s population growth of 2.3% surpassed the national increase of 2.1% in the year to June 2024. Additionally, the state experienced the highest net migration gain of nearly 30,000 people among all states.
With the recent rate cut by the Reserve Bank of Australia, Mercorella expects the momentum in Queensland’s property prices to continue throughout 2025.
1 Comment
This is incredible news! It’s fascinating to see how the Queensland property market continues to defy expectations and reach new heights. I wonder what factors have contributed to this record-breaking growth.