FROM THE REAL ESTATE INSTITUTE OF QLD
Queensland’s rapidly rising residential property prices stabilised over the September 2024 quarter (July – September 2024), as a wave of spring sales began settling.
The latest median sales results released by the Real Estate Institute of Queensland (REIQ) today, reveals a modest 0.26% increase in Queensland’s median house prices for the quarter, lifting to $772,000.
While annual house price growth remains impressive across the state, some regions saw slight quarter-on-quarter dips, suggesting a slowdown rather than a halt in price growth.
The Gold Coast, Brisbane, and Cairns were among the house markets showing signs of stabilisation, while regional areas like Mackay (8.83%), Noosa (7.37%), Townsville (6%) and Gladstone (4.93%) experienced the most significant quarterly gains.
Noosa held onto the crown for Queensland’s most expensive market, with a remarkable quarterly median house price of $1.42 million, surpassing Brisbane ($1.187m), the Gold Coast ($1.092m) and the Sunshine Coast ($1.049m), which also posted million-dollar-medians.
In Greater Brisbane ($870K), prices continued their steady ascent, with Redlands reaching a median of $900,000, Moreton Bay at $820,000, and Ipswich maintaining its reputation for value for money at $695,000.
Median days on market continue to drop, with Queensland houses now selling in 21 days. The longest annual median days on market were Bundaberg (47 days), Moreton Bay (38) and Rockhampton (29). The fastest were Townsville (13), Mackay (13), and Fraser Coast (14.5).
Meanwhile, units continue to perform strongly while remaining comparatively much more affordable, rising 2.79% over the quarter across Queensland to $627,000.
Queensland units are now selling in a rapid 18 days. The longest annual days on market for units were in Bundaberg (45 days), Townsville and Fraser Coast (both 29 days). The fastest were ties between Sunshine Coast, Noosa and Cairns (all 13 days), and Brisbane and Toowoomba (both 14 days).
REIQ CEO Antonia Mercorella said while prices may not be soaring as high as they have in recent years, the steady market reflects sustained demand and resilience in the state.
“The September quarter results demonstrate a stabilisation in Queensland’s residential property market, which is a positive sign of the market finding its rhythm after a period of rapid price escalation,” Ms Mercorella said.
