House prices continue to rise
HOUSE prices in Queensland are continuing to rise albeit at a slower pace, according to REIQ.
In the June 2022 quarter, Queensland’s median house prices rose by 3.61 per cent and median unit prices increased by 1.59 per cent.
In Mackay, quarterly median house prices rose to $436k.
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REIQ CEO Antonia Mercorella said the quarterly results, derived by REIQ based on CoreLogic Data, show Queensland’s soaring property market growth has started to show signs of slowing.
“You only need to take a look at the rate of price growth over the past year, with some areas achieving an incredible 20-30 per cent growth year on year, to realise the property market couldn’t keep up that accelerated pace forever.
“Queensland’s property market appears to finally have caught up on the growth it was well overdue for.
“What this means on the ground is that the property buying frenzy has relaxed, allowing a slower, more considered approach from buyers which is evidenced by longer days on market,” Ms Mercorella said.
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Despite the slow in the property market, there is still a demand for property due to low levels of supply and continued demand as well as things like desired price points and property characteristics that buyers are pursuing.
Ms Mercorella said Queensland’s property market remains resilient despite the recent tightening of budgets and borrowing constraints.
“Consecutive interest rate rises and inflation are seeing households tightening their belts, however, this is against the backdrop of very low unemployment, pent-up wage growth expectations, continued high interstate migration, an extremely tight rental market, and the return of international migration further boosting our state’s population,” she said.
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“These are all factors that will buoy Queensland property prices and should give buyers confidence in investing in our state.
“We know that smart property investment is about the long-distance run rather than a short sprint, but there’s no doubt that property owners have lapped up Queensland’s extraordinary growth spurt.
“What the Queensland property market has proven over the years is that it pays to get your foot in the market and be in the race,” said Ms Mercorella.
