Queensland property keeps proving itself to be a shining performer, according to quarterly median sales results released by the Real Estate Institute of Queensland (REIQ).
And Logan is leading the way in terms of entry level affordability with the fourth highest volume of home sales in the last quarter and 1177 completed transactions.
The June 2023 quarter (April – June 2023) revealed that many of the Sunshine State’s property markets remain in an enviable position, with statewide median house prices rising by 4.62 per cent over the quarter, and median unit prices lifting 3 per cent.
Taking a broader view and comparing Queensland’s annual figures, the state saw substantial year on year growth of 5.26 per cent for houses, and 6.91 per cent for units.
REIQ CEO Antonia Mercorella said contrary to commentary that property prices would go ‘belly up’, the data showed overall Queensland property was delivering sustainable growth.
“The dust has settled, and we’ve returned to a much more stable sales market, with steady growth for owners and more time for buyers, and that’s a great market to be in,” Ms Mercorella said.
“Interestingly, units are leading the way in annual growth in many of the state’s major markets.
“It’s unsurprising that buyers are increasingly recognising the value and appeal of apartments, particularly those wanting to get out of the strained rental market and on to the property ladder.”
Annual growth in the unit market was strong in Logan for the June quarter, up 14.82 per cent.
Ms Mercorella said immigration to the southeast corner would continue to be a primary driver for property growth, particularly with the Olympics on the horizon.
“While these results are somewhat surprising given rising interest rates, Queensland’s market is buoyed by population growth and a lack of listings hitting the market,” she said.
