Greater Brisbane suburbs have led the home price growth over the past year, surpassing the increases seen in regional areas as families sought a change during the pandemic. PropTrack’s quarterly report revealed that outer metro regions like Logan – Beaudesert, Moreton Bay, and Ipswich experienced price hikes exceeding 40%.
Specifically, units in Logan markets such as Slacks Creek, Woodridge, Waterford West, Edens Landing, and Logan Central saw significant increases, with prices rising approximately $150,000 in the last 12 months. Meanwhile, apartment prices in Bracken Ridge surged by 35%, equivalent to $175,000.
However, when it came to standalone houses, regional areas took the lead. Townsville, Wide Bay, and Central Queensland emerged as the strongest performers, with houses in Vincent, Townsville, witnessing an increase of over 30%, reaching a median price of $391,692. Similarly, Rockhampton City recorded a spike of 29%, bringing the typical house price to $320,910.
Looking at the most recent trends, Central Queensland’s house suburbs experienced significant growth, reflecting a rising demand for entry-level properties. PropTrack economist Anne Flaherty noted that Brisbane’s outer suburbs, particularly the Logan-Beaudesert area, had outperformed previous years, with units surprisingly leading the growth.
Flaherty attributed this shift to affordability and decreasing housing supply, stating that escalating home prices had pushed more buyers towards units. She emphasized that while growth rates may have slowed in some areas due to cost of living pressures and higher interest rates, price hikes were expected to continue, especially in the greater metro apartment market.
Buyers agent Lauren Jones highlighted the strong demand for affordable homes, noting a slowdown in interest for median-priced homes while competition remained fierce for properties under $800,000 in outer-ring areas. Ipswich, in particular, was identified as a hotspot for real estate activity.
Apollo Auctions recognized Logan City as the standout performer in its quarterly auction market update, showcasing a clearance rate of 66.1% and a top sale price of $1.21 million under the hammer. Director Justin Nickerson advised buyers to act swiftly amid forecasts of potential interest rate cuts.
In conclusion, the real estate landscape in Queensland reflects a dynamic market where shifting preferences, affordability concerns, and regional growth patterns influence buying behavior. With varying demand across suburbs and predictions of continued price increases, buyers are navigating a competitive environment while keeping an eye on market trends and economic indicators.
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