Logan’s property market has outstripped all other areas of Southeast Queensland in terms of property growth, according to the latest quarterly statistics.
A quarterly report, from January to March, last week showed Logan was in the top five growth performers for units and house medians in the state, with units seeing double-digit growth of 10.91% to $305,000 and houses growing 7.75% to $598,000.
The report is released by the Real Estate Institute of Queensland.
And while inner-city housing prices started to show signs of plateauing, Logan continued to surge forward.
DMH Realty (Yarrabilba & Surrounds) director Chyerl Pridham said the figures proved Logan is Southeast Queensland’s fastest growing city.
“Logan is the fastest growing city in SEQ with the two satellite cities Yarrabilba and Flagstone leading the way in the housing market,” she said.
“Due to the influx of new Queenslanders from our southern states, we have come up short with the number of homes available. It has created competition to buy homes like we have never seen before.”
Ms Pridham said Logan is “the best-selling market and has been in for the last 10 years.”
“In the last six months we have seen a slight decrease in the number of local buyers in the market as some simply can’t compete with the buyers from interstate,” she said.
“Now that the interstate market has slowed, it should give more opportunity to our local buyers to get back into the market.”
Peter Mitchell from Local Realty Group said while some local buyers will hold back as a result of the median increase, southern investors will see great value in purchasing in Logan.
“From talking to buyers and investors, they believe that the prices in Logan still have not reached the high peaks like in other areas such as Brisbane, and Logan still holds great value,” he said.
“Investors from Victoria and New South Wales see our house prices as cheap compared to their state prices.”
Mr Mitchell said location was the prime reason the Logan area has become well sought-after.
“North is Brisbane city and south is the beaches and there is just so much growth in this corridor,” he said.
REIQ CEO Antonia Mercorella said there would continue to be healthy growth throughout the year.
“The first quarter of 2022 has been fraught with disruptions such as Covid-19 outbreaks, the flooding disaster, the string of long weekends including the standstill of Easter, the looming federal election, and signs pointing to an interest rate rise, with some banks adjusting early in anticipation,” she said.
“Despite all of these disruptive events which may have caused some buyers to hit pause on their search, the market has continued to deliver healthy growth, and I’m sure the median prices reached this quarter will take some of us by surprise.
“What’s pleasing about the latest results is that, again, it’s not just our capital city performing – our regional centre property markets and communities also continue to benefit from a growth uplift.”
Ms Mercorella also said: “At some stage the rate of growth we see in Queensland will start to level and stabilise, simply because it would be difficult to sustain this level of accelerated growth – but for now, there’s still plenty of wind in the sails of Queensland’s property market.”