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Queensland property stays in good shape

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Queensland property stays in good shape

But the REIQ says the shortage of sales listings is making prospective sellers reluctant to make the jump to their next home.

Trim listings, taut supply and terrific lifestyle – the latest median sales results released by the Real Estate Institute of Queensland (REIQ) shows property across the Sunshine State stayed in good shape over the September 2023 quarter (July – September 2023).

Statewide price movements crept up steadily, with median house prices lifting by 2.07 per cent over the quarter to $690,000, and median unit prices rising by 3.92 per cent to $530,000.

REIQ CEO Antonia Mercorella says Queensland property is undeniably a good, consistent performer and continued to be an alluring and reliable ‘bricks-and-mortar’ buy.

“Unit price growth seems to be awakening from a long slumber, as people adjust their expectations and use them as stepping stones into the housing market,” she says.

“It’s not surprising that units are gaining popularity due to their relatively affordable price point, when budget-conscious buyers are wary of rising interest rates and cost of living. When once upon a time you could find more affordable free-standing houses to buy around the half-a-million dollar-mark with a reasonable commute to the city, we’re now hearing that first-home buyers are turning to apartments and units instead.

“For instance, Greater Brisbane’s unit market continues to go from strength to strength, representing great value and growth in good proximity to the state capital. Logan’s unit market, in particular, was a standout with 9.17 per cent growth over the quarter, and a solid 11.11 per cent growth over the year to $350,000.”

Ms Mercorella says that interest in regional Queensland’s housing market is rising as a relatively affordable choice and, in most cases, with attractive annual growth.

“Those seeking value for money are finding it in our regional economic powerhouses: Toowoomba and Townsville,” she says. “You’re looking at an annual median house price of $530,000 in Toowoomba and just over $400,000 in Townsville – well below Greater Brisbane’s $760,500 median price point.”

Ms Mercorella says the shortage of sales listings has become somewhat of a Catch-22 situation in the Sunshine State.

“The biggest challenge at the moment is people’s reluctance to sell and make the jump to their next property,” she says.

“Real estate agents are telling us that people do want to sell their properties, but they’re also held back by concerns about what they are going to be able to buy back into in such a tight market. So, it’s a frustrating situation for so many.”

Ms Mercorella acknowledges there has been a few small dips over the quarter, as well as some prices retreating slightly when comparing year to year, but says it is important to remember we are coming off record-setting highs.

“It’s not really comparing apples with apples when trying to draw parallels with a particularly remarkable period of time in real estate,” she says.

“We are back to a consistent, ‘steady as she goes’ market which means there will be some expectation management needed for both sellers and buyers.

“On one hand, sellers may need to temper their expectations somewhat from the crazy highs, but equally, buyers who had hoped a bargain was just around the corner will be sorely disappointed as the shortage of stock is keeping the competition hot. Interstate migration and a tight job market are helping to underpin the housing market.

“Queensland property has shaped up to its age-old reputation as a consistent, reliable player, and we expect to see more of the same steady growth as we bring in the new year.”

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