Queensland property market ‘calmed down’ in June quarter: REIQ

Queensland property market ‘calmed down’ in June quarter: REIQ

Latest data from the Real Estate Institute of Queensland (REIQ) highlighted slowing growth in the Sunshine State’s property market.

The June quarter of 2022 saw median Queensland house prices up 3.61 per cent, while unit values ​​climbed 1.59 per cent, with REIQ chief executive Antonia Mercorella saying the figures show growth prices slowed from a sprint to a race.

“We are still seeing healthy growth in most major markets, but at a more sustainable level, as the Queensland property market finally appears to have caught up to the growth it has long awaited,” she said.

The state’s median home price edged down from $1,090,000 in the March quarter to $1,075,000 last quarter, regional centers across the state, which include cities such as Rockhampton, Townsville and Bundaberg, among others, are all seeing modest increases in value, although the median price remains below $500,000.

Additionally, four state capital suburbs – Mitchelton, Chermside West, Ferny Grove and Everton Park – have joined the million dollar club, while Bulimba has just passed the $2 million mark with a price tag. median of $2,001,550.

This moderate pace of growth has meant that the state’s real estate frenzy has eased, which Ms. Mercorella says “ultimately allows for a slower, more considered approach to buyers, resulting in longer days on the market”.

The chairperson said demand for property remains in Queensland due to low levels of supply, but added that there are “particular price points and property characteristics that buyers are looking for, including a renewed interest in units and townhouses”.

Building on the institute’s recent partnership with the RiSe initiative which focuses on the mental well-being of property agents and managersMercorella said she was relieved that the cooling market allowed agents and buyers to catch their breath.

She said that despite rising interest rates and inflationary pressures hurting buyers, the market remained resilient, thanks to many factors, including “very low unemployment, pent-up wage growth expectations, migration high and continuous interstate, an extremely tight rental market and the return on international migration”.

“There are all the factors that will drive up property prices in Queensland and should give buyers confidence in investing in our state.

“You only need to take a look at the rate of price growth over the past year, with some areas achieving incredible 20-30% year-on-year growth, to realize that the real estate market couldn’t keep up with the accelerating pace forever,” she concluded.

Queensland property market ‘calmed down’ in June quarter: REIQ

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Last update: August 29, 2022

Posted: August 30, 2022

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