Queensland’s property market experienced significant growth in 2024, with home values soaring across various suburbs. Analysis by PropTrack revealed a surge in house prices across 639 suburbs, with only a handful experiencing marginal drops. According to economist Anne Flaherty, this trend has led buyers to explore properties further away from Brisbane’s CBD, driving up values in other regions.
Notably, Townsville emerged as a hotspot, with fourteen suburbs witnessing double-digit house price growth. Suburbs like Heatley, Charters Towers, and Vincent saw remarkable increases, attracting a mix of first-time buyers, families, and investors. The demand for properties in Townsville has been on the rise, with developments like the Sanctum estate in Mount Low witnessing a surge in sales.
Meanwhile, Brisbane saw a dip in home prices for the first time in over two years in December. However, the regions continued to perform well, with median house prices in Brisbane rising significantly year-on-year. The market dynamics have shifted, leading to increased competition among buyers and investors in the $400,000-$700,000 price range.
Experts predict further growth in Townsville, making it a promising market for the year ahead. Real Estate Buyers Agents Association of Australia representative Joanna Boyd highlighted the ongoing demand for properties in specific price brackets, with investors eyeing areas like Nerangba and Caboolture South.
The Gold Coast and Sunshine Coast also experienced substantial growth, driven by beachfront suburbs and developments like Sippy Downs. Industry experts anticipate continued price increases across Queensland, with Townsville expected to lead the growth trajectory.
Looking ahead, the property market outlook for 2025 remains optimistic, with forecasts indicating growth in various regions across Queensland. While Greater Brisbane is poised for moderate growth, suburbs like Woodridge, Logan Central, and Durack are likely to see significant increases in unit prices.
As property values continue to rise, buyers are faced with challenges in saving for deposits, especially in suburbs entering the million-dollar price range. The evolving market dynamics are reshaping buyer preferences and driving shifts in demographics across Queensland.
Overall, the Queensland property market is witnessing a transformation, with diverse suburbs experiencing unprecedented growth and attracting a mix of buyers and investors. The landscape is evolving, presenting both opportunities and challenges for those navigating the dynamic real estate sector in the state.
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