Queensland’s property market is poised for a staggering surge, with projections indicating that home prices could skyrocket by nearly $700,000 by 2030 if the current growth trajectory continues. Based on trends observed since the pandemic-induced boom, some suburbs are on track to witness their prices double or even triple, particularly in regional and outer-metro areas like Logan, Wide Bay, and Central Queensland.
The forecast paints a picture of areas with current median prices below $500,000 joining the million-dollar club within the next five years, while high-end properties could reach an astonishing $9 million. Across the state, the average home price of $838,000 is expected to soar by 84%, reaching $1.53 million.
In Greater Brisbane, suburbs like Kooralbyn in the Logan-Beaudesert region are set to experience significant price escalations. For instance, the median unit price in Kooralbyn, currently at $291,000, is projected to surge by 225% to $946,000 by 2030. Other fringe suburbs such as Eagleby, Woodridge, and Beenleigh are also on the trajectory towards million-dollar valuations, driven by gentrification and infrastructure improvements.
PropTrack’s senior economist, Angus Moore, highlighted that while property markets nationwide are expected to continue growing, the pace may not match the rapid post-Covid expansion. Moore noted that Queensland has been a major beneficiary of interstate migration, particularly from New South Wales and Victoria, fueling remarkable growth, especially in regional areas.
Amidst this boom, demand remains strong, propelling upward price pressure. Prestige agents like Russell Rollington from First National Surfers Paradise see continued demand for premium properties, with beachfront and waterfront real estate leading the charge in locations like Surfers Paradise.
Buyers agent Lauren Jones commented on the unprecedented property boom, expressing disbelief at the projected prices in areas like Logan City Council. She noted that while the projections may seem disconnected from income data, various factors like first-home buyer incentives and decreasing interest rates could reignite market momentum.
Furthermore, in regional Queensland, the price projections are even more dramatic, with areas like Monto in the Wide Bay region expected to see substantial price increases. Mining and agricultural hubs such as West Gladstone, Miles, and Dysart are also forecasted to experience significant growth in property values.
In Brisbane, buyer fatigue has set in as house-hunters struggle to find quality properties in preferred locations. The competitive market dynamics have led to properties being snapped up quickly, leaving potential buyers scrolling through listings without finding suitable options.
As the property market in Queensland continues to evolve, the projected price surges indicate a dynamic landscape where affordability, demand, and market forces intersect to shape the future of real estate in the region.