Queensland property market booms in 2024

Queensland’s property market continues its upward trend, with the latest data from the Real Estate Institute of Queensland (REIQ) revealing a 4.46% quarterly rise in statewide median house prices, and a 12.14% annual increase.

Units followed suit with a 5% quarterly growth and a 14.14% surge over the year.

Regional areas leading in house price growth

Regional markets saw strong quarterly growth, with Rockhampton leading at 9.2%, followed by Townsville (8.34%), Gladstone (6.74%), and Mackay (6.19%). Meanwhile, the top performers for annual house growth were Ipswich (16.67%), Brisbane (16.16%), and Toowoomba (16.02%).

Brisbane’s appeal shines amidst rising demand

“Brisbane has so much going for it at the moment, with transformational projects and a vibrant lifestyle,” REIQ CEO Antonia Mercorella (pictured above) said. “The buzz around Brisbane is creating a ripple effect across the state.”

“A 20% deposit in Queensland now equals 1.64 times the average annual earnings,” Mercorella said, highlighting the growing deposit gap and high rental costs making it difficult for individuals to save.

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