Property prices are showing no signs of slowdown across the city, with 1192 homes sold in Logan in the last quarter and a $675,000 median sale price.
According to the latest quarterly median sales results (December 2023 Quarter) released by the Real Estate Institute of Queensland (REIQ) median house prices climbed 3.88 per cent over the quarter, and 6.04 per cent over the year.
REIQ CEO Antonia Mercorella said another quarter of solid performance proved the price growth experienced in Queensland was sustainable and likely to stay firm.
“Property prices in the Sunshine State have continued to steadily track in a northerly direction in the December 2023 quarter, rounding out another impressive growth year,” Ms Mercorella said.
“While these sale prices are cause for celebration for property owners when it comes time to sell, it can be frustrating and disheartening for buyers trying to enter or transition into the market.”
“This is particularly true for first home buyers who are competing with other prospective and established buyers for value buys and deals that aren’t as good as they once were.
“The reality is that a balanced marketplace could support both – we want to see the dream of home ownership stay alive for first home buyers in our state, and we need property investors to put a roof over the head of our renters.
But Ms Mercorella said low levels of construction over a long period of time, lagging social housing builds, and accelerated migration to Queensland, was a “recipe for a housing crisis”.
“We’re still in a position where the shortage of supply is driving the market and we’re lacking the housing diversity we need for everyone in our community – the critical gap of course is at the affordable end of the market.”
This healthy growth was also reflected in the unit market with the state median rising 3.4 per cent over the quarter or 8.11 per cent annually.
Double-digital annual growth in the unit market was seen in Logan (11.37 per cent) and weren’t on the market for long, with just 15 days to sign on the line.
The state average for unit sales campaign length reached 22 days.
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