Queensland has smashed home price records to kick off spring, emerging as the only state with double-digit growth for houses as well as units in both its capital and regions.
Brisbane shattered its median house price record, pulling away from Melbourne by $50,000 to now sit just $36k short of a million dollars, with regional Qld matching the vibe, according to the latest PropTrack Home Price Index.
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Brisbane is a hive of activity leading into spring with the opening of the multi-phased $3.6bn Queen’s Wharf Brisbane precinct, Riverfire and continued home price growth.
Over the past year the median house price in Brisbane jumped 13.38 per cent to $964,000, with units growing at an even faster pace of 17.23 per cent to $655,000, it found.
Both drove the mid range for all Brisbane dwellings up by 13.95pc to $854,000. Prices in Brisbane are now 74 per cent higher than before the pandemic, the second fastest pace of growth in the country behind Perth.
A cast of thousands underway at the start of the 2024 Gold Coast Marathon. The city continues to draw interest from holiday-makers, investors and new residents. Picture: Glenn Campbell.
Regional Queensland steamrolled over any cost of living doubts with its medians seeing an 11.73 per cent rise for houses annually to $714,000. Regional units were up 10.04 per cent to $653,000, with the mid range for all dwellings hitting $691,000 (up 11.35pc annually).
PropTrack senior economist Eleanor Creagh said much of the regional energy was thanks to the two coasts whose home price medians were much higher than Brisbane.
The Gold Coast rose 12.29pc annually to $962,000 for all dwellings, with the Sunshine Coast even higher at $995,000 off an 8.85pc increase.
PropTrack senior economist Eleanor Creagh expects more price growth this spring out of Qld.
The fastest pace of growth in Queensland is coming out of Townsville, whose breakneck 21.49pc surge in prices took its median home price to $458,000.
Central Queensland is also in double digit territory, up 18.93pc to $459,000, with Cairns up 9.55pc to $546,000.
Within the Greater Brisbane region, the biggest home price rise came out of Ipswich, up 17.98pc to $697,000. North Brisbane outpaced both Brisbane’s growth and median price for all dwellings, up 16.7pc to $947,000, while Logan-Beaudesert was up 16.27pc to $735,000.
“Although we have seen the pace of price growth slow through winter, as is typically the case, Brisbane and regional Queensland are recording a pretty robust pace and remain one of the strongest performing markets over the past year,” Ms Creagh said.
Queensland’s coast cities are driving the region with their high median home prices, but Townsville had the biggest percentage growth in the past year.
“That outperformance of Brisbane over recent years, with prices up now close to 80 per cent over the past five years, has made it the second most expensive capital, ahead of Melbourne and Canberra.”
“We’re already seeing activity heating up with spring now firmly in view for both buyers and sellers. The flow of new listings hitting the market has picked up, auction activity has picked up as well, and the current trend that we’re seeing is going to remain intact with prices expected to continue to lift through the Spring selling season.”
Ms Creagh said prices were expected to keep rising in Queensland given “we are still seeing that flow of new listings being absorbed and total stock on market does remain relatively constrained”.
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