Source: Australian Property Journal
THE dust has settled with sales stabilising in Queensland’s property market whilst some interesting data show units and regional markets growth is outpacing greater Brisbane.
The latest REIQ quarterly median sales data reveals the median house price increased by 4.62% and median unit prices lifting 3% across Queensland, bringing the year-on-year growth to 5.26% and6.91%, respectively.
Queensland’s median house price reached $650,000, and Brisbane’s price dipped back below the $1million mark to $985,000. Queensland’s median unit price remained just under half a million dollars($495,000), but reached a record $510,000 in Brisbane.
The regional property markets were outperformers with double digit annual growth seen in Bundaberg (15.19% for houses, 15.45% for units), and Toowoomba (10.75% for houses, 12.5% for units).
Fraser Coast and Ipswich were also standout annual growth performers, with Fraser Coast houses up10.71% and units up 17.73%, and Ipswich houses up 11.34% and units up 13.69%.
REIQ CEO Antonia Mercorella said contrary to commentary that property prices would go ‘belly up’,the data showed overall the market is delivering sustainable growth.
“The dust has settled and we’ve returned to a much more stable sales market, with steady growth for owners and more time for buyers, and that’s a great market to be in,” she said. “Interestingly, units are leading the way in annual growth in many of the state’s major markets, particularly outpacing house growth in Greater Brisbane and the tourism centres,”
Mercorella said immigration to the southeast corner would continue to be a primary driver for property growth, particularly with the Olympics on the horizon.
“While these results are somewhat surprising given rising interest rates, Queensland’s market is buoyed by population growth and a lack of listings hitting the market. It’s slim pickings for buyers hoping to secure a slice of the Sunshine State, and this creates competition and puts upward pressure on prices.
“But buyers have regained some time, with the typical time to sell a house expanding out to 29 days compared to a year ago, and for units its now 25 days, closer to a normal campaign period.
“The buyer mentality has now swung from FOMO (fear of missing out) to FOMM (fear of making a mistake), and accordingly we’ve seen the return of conditional contracts again,” she added.
Housing market
The highest volume of house sales across the quarter were Brisbane (2,774), Gold Coast (1,780), and Moreton Bay (1,530), followed closely by Logan (1,177) and Sunshine Coast (1,056).
However, house listing volumes have dropped by 18.8% across the state over the year, with almost every major market showing a double digit decrease in stock.
Noosa retained its title for the most expensive housing market a median house price of $1.3 million this quarter, followed by Brisbane ($1.02m), Gold Coast ($985k), and Sunshine Coast ($936K).
The strongest house market performers for quarterly growth were Brisbane (4.62%), Redland (4.58%),and Noosa (4%).
Meanwhile Cairns (-0.35%), Townsville (-0.07%), Sunshine Coast (0.15%), Moreton Bay (0.71%) and Toowoomba (0.95%) all remained relatively stable quarter on quarter.
Looking at annual growth, the top five double-digit house market performers were Bundaberg (15.19%), Ipswich (11.34%), Toowoomba (10.75%), Fraser Coast (10.71%), and Rockhampton (10.61%).
Logan (8.77%) and Cairns (8.65%) also recorded impressive annual growth.
While some house markets experienced a dip in annual growth including Noosa (-4.2%), Brisbane(-2.48%), and Sunshine Coast (-0.53%), it’s worth noting that these markets also hold the title for the highest median annual sales prices, and experienced exponential growth post-COVID. Further, the latest quarterly data show positive signs of growth.
Almost all major markets saw a dramatic increase in the annual median days on market compared to the previous 12 months, with the longest sales campaigns seen in Noosa (57 days), Gladstone (42days), Sunshine Coast (38 days) and Fraser Coast (35 days).
The fastest moving markets were Toowoomba (18 days), Bundaberg (19 days), Cairns and Ipswich(both 20 days).
Unit market
Brisbane (2,550) and the Gold Coast (1,532) remain the hottest unit markets despite substantial drops in annual listing volumes, down 17.7% over the year.
Noosa retained the title of the most expensive unit market with a median unit price of $1,052,500 this quarter, leaving runner ups, Gold Coast ($645K), and the broader Sunshine Coast ($615K) in its wake.
Bundaberg stood out as the strongest unit market performer for quarterly growth at 15.45% based on 58sales. This was followed by Ipswich (8.48%), Noosa (7.39%), Gladstone (6.38%) and Fraser Coast(4.88%).
Unit markets which took a step backward this quarter, were Toowoomba (-9.21%), Mackay (-8.33%),Sunshine Coast (-3.91%), and Rockhampton (-3.69%), however these four markets are all tracking positively when looking year to year. Townsville’s unit market took a small side step this quarter(-0.49%).
Annual growth in the unit market was strong in double-digits in Fraser Coast (17.73%), Bundaberg (15.45%), Logan (14.82%), Ipswich (13.69%), Toowoomba (12.5%), Cairns (11.11%), Redland (10.43%) and the Gold Coast (10.09%).
The longest lengths of time to contract were seen in regional Queensland with Gladstone (62 days),Mackay (54 days), Townsville (49 days), and Rockhampton (45 days). Regional buyers needed to much quicker in Bundaberg (20 days) and Toowoomba (21 days).
The fastest moving unit markets were Cairns and Redland (both 18 days), and Logan (19 days).
