The rise of Queensland real estate
latest quarterly data for Queensland property prices (September-December 2020) has confirmed what buyers and sellers already know — prices are rising across Queensland.
In fact, figures released by the Real Estate Institute of Queensland (REIQ) via its latest issue of the Queensland Market Monitor shows prices increased by an impressive 6.1 per cent over the quarter across almost every region of Queensland in the final three months of 2020.
“As a result of the COVID-19 pandemic, we’ve seen Queensland’s property market perform in ways that go against every economic prediction made over the last 12 months,” says Antonia Mercorella, CEO of the REIQ.
“In fact, Queensland property has remained extremely stable, recording a steady rate of growth that’s really strengthening its market appeal.
“Between record-low interest rates, low stock availability for sale, improvements in consumer sentiment and Queensland’s unbeatable lifestyle, it’s no surprise we’ve also seen broader increases in values month on month in 2021.”
With the highest level of sales across the quarter recorded in Brisbane (13,085), Gold Coast (7617) and Moreton Bay (6565), our state capital also reached a new record median house price of $725,000 (5.8 per cent annual growth) for 2020.
“While Brisbane continues to strengthen, it’s equally pleasing to see Queensland’s regional markets outperforming our capital city with widespread property demand and price increases recorded across most areas,” continues Ms. Mercorella.
“At the tail-end of 2020, the Sunshine Coast remains the shining star of the Queensland property market. Not only has the Sunshine Coast achieved strong property price growth for houses at 7.7 per cent over the year but the unit market is also firing albeit slightly stronger at 8.0 per cent.”
“What’s helping propel property prices in particular is the fact that interstate migration is so strong,” adds Ms. Mercorella.
Further analysis of the data also shows the fast-tracked regional property rush currently sweeping across Queensland is evident.
For example, the figures reveal that out of 56 regional Local Government Areas (LGAs), 52 show positive annual growth, representing 93 per cent of the State’s re gional market. These locations are benefiting from the exodus to more affordable lifestyles, with 2020’s top-performers including Cloncurry (36.2 per cent), Murweih (30.4 per cent) and Isaac (25.0 per cent).
Toowoomba ranked third place for strongest unit growth behind Noosa and the Sunshine Coast, achieving 9.6 per cent annual growth to reach $299,000, with East Toowoomba recording the highest annual unit growth for 2020.
“With positive economic results ushering in a New Year, Queensland is shaping up to be a strong bet for investors, with properties from the Gold Coast to the Sunshine Coast selling fast and on a solid foundation for capital growth in 2021,” says Ms. Mercorella.
“When you consider Queensland’s unique attributes and market characteristics combined with historically-low interest rates, surging consumer confidence, and billions of dollars in infrastructure investment, and the scene is set for some of the strongest property growth we’ve seen in a very long time.”
About The REIQ: The Real Estate Institute of Queensland (REIQ) is the state’s peak professional association for real estate practitioners across the state.