The Ipswich CBD … unit prices rose the second highest in Queensland for the June quarter. Picture: ANDREW KACIMAIWAI
UNIT price rises in Logan and Ipswich continue to outshine other parts of Queensland.
The Real Estate Institute of Queensland (REIQ) says quarterly median sales results for the June 2024 Quarter shows the state’s property resilience.
For units, quarterly price growth stood out in Gladstone (13.82 per cent) and Ipswich (10.59 per cent) while the annual growth in Logan was 22.06 per cent and 18.71 per cent for Ipswich.
The statewide median house price climbed 4.46 per cent over the quarter, and 12.14 per cent over the year, according to REIQ data. The median unit price rose 5 per cent over the quarter and 14.14 per cent annually.
REIQ data also showed a quickening in the median number of days on market by about a week compared to the year before; houses are now selling in about 22 days and units in just 19 days.
REIQ CEO Antonia Mercorella said there was plenty happening in Brisbane and beyond.
“Brisbane has so much going for it at the moment with various transformational projects in the works for entertainment, infrastructure and transport,” she says.
“There’s a growing buzz around Brisbane and it seems everyone is catching on to the incredible lifestyle on offer here.
“The optimism for our capital city is contagious, creating a ripple effect right across the state – great news for all Queenslanders,” Ms Mercorella says.
Among the strongest quarterly growth in the state for houses were in regional areas such as Rockhampton (9.2 per cent), Townsville (8.34 per cent), Gladstone (6.74 per cent) and Mackay (6.19 per cent).
The REIQ data shows that for annual house growth, the top four performing areas were Ipswich (16.67 per cent), Brisbane (16.16 per cent), Toowoomba (16.02 per cent) and Rockhampton (15.07 per cent).
Ms Mercorella said while there was robust price growth, there were also challenges for first home buyers – namely a widening deposit gap.
“In Queensland, a 20% home deposit for a first home now represents 1.64 times the average annual earnings,” she says.
“With the annual median house price in Brisbane now (at) $1.15m, the median deposit is now $200,000, putting the dream of home ownership out of reach for many.
“High rental costs make it incredibly difficult for individuals to save for a home purchase,” Ms Mercorella says.
“When you also factor in the additional costs of stamp duty, potential lender’s mortgage insurance, and other buying costs, the prospect of owning a home can seem impossible for first home buyers.”
She says that the recent CBA Annual Results presentation highlights cost-of-living challenges as hitting younger cohorts the hardest.
“The data shows that all age brackets from 20 to 44 are seeing a deterioration in their savings by at least 3 per cent,” Ms Mercorella says.
“… it is this demographic that we need to help into home ownership, as they are facing the most difficult economic environment in living memory.”
For full release with data table, click here: REIQ | No stopping Queensland’s hot property
