Rowan Crosby, March 1, 2024
The Queensland property market continues to go from strength to strength, with new data showing house prices rose 3.88 per cent last quarter.
According to the Real Estate Institute of Queensland (REIQ) house prices finished 6.04 per cent higher over the year, while the unit market also rose 3.4 per cent over the quarter or 8.11 per cent annually.
The Brisbane LGA and Ipswich both saw the strongest house price growth at 6.91 per cent, while Noosa and the Gold Coast recorded house prices rise 5 per cent.
Queensland’s regional housing markets continued to experience strong growth, with Toowoomba, Rockhampton, Bundaberg, and Townsville all standout performers over the year.
“While these sale prices are cause for celebration for property owners when it comes time to sell, it can be frustrating and disheartening for buyers trying to enter or transition into the market.
“However, we’re still in a position where the shortage of supply is driving the market and we’re lacking the housing diversity we need for everyone in our community – the critical gap of course is at the affordable end of the market,” Ms Mercorella said.
“There’s been low levels of construction over a long period of time, lagging social housing builds, and add to that accelerated migration to Queensland, and you’ve got a recipe for a housing crisis,” she said.
The strongest house markets for quarterly growth were Brisbane (6.91 per cent), Ipswich (6.9 per cent) and Mackay (6.67 per cent).
Again, Ipswich was among the top performers with 8.39 per cent annual growth.
The fastest moving markets were Ipswich and Toowoomba (both at 18 days), closely followed by Bundaberg, Cairns and Logan at 20 days and Rockhampton and Townsville at 21 days.
https://eliteagent.com/queensland-house-prices-jumped-3-88-per-cent-last-quarter/