Are you someone who’s keeping a close eye on Queensland real estate news?
If you want to participate and get into the property market this 2023, this article can provide some helpful intel on housing prices in Queensland. We will talk about the current state of the QLD real estate, recent property market trends across the country, factors that cold affect Queensland and Gold Coast property prices, and what lies ahead in the region for this year.
Feel free to grab a cup of tea (or perhaps something stronger), and settle in as we dive deep into what’s going on with Queensland housing prices in 2023.
The current state of the Queensland property market
In the later part of 2022, several unit and house prices in Queensland and across the country plummeted due to successive RBA cash rate hikes. The Gold Coast property market was second to Sunshine Coast’s in terms of having the highest fall in regional Queensland: 6.4% and 7.1% in the 3 months to October, respectively.
This put a significant damper on buyer confidence, which is a far cry from the FOMO-fuelled property market back in 2020 where we had the historically lowest cash rate of 0.1%.
But some suburbs in Queensland performed relatively better and seemed unmoved by the plunging house prices of its neighbouring states. As a whole, Queensland sustained the blows of increasing cash rates and managed to have increased in house prices by 1.9% over the last twelve months.
Change in dwelling values to end of December 2022 (per cent)
|
City |
Past month |
Past 3 months |
Past 12 months |
|
Hobart |
-1.9 |
-4.9 |
-6.9 |
|
Canberra |
-1.2 |
-3.3 |
-3.3 |
|
Darwin |
-0.5 |
-1.1 |
4.3 |
|
Perth |
0.1 |
0 |
3.6 |
|
Adelaide |
-0.4 |
-1 |
10.1 |
|
Brisbane |
-1.5 |
-5.4 |
-1.1 |
|
Melbourne |
-1.2 |
-2.9 |
-8.1 |
|
Sydney |
-1.4 |
-4 |
-12.1 |
Source: CoreLogic
|
Past month |
Past 3 months |
Past 12 months |
|
|
Regional Tas |
-0.3 |
-1.1 |
2.4 |
|
Regional WA |
0.5 |
1.3 |
5.7 |
|
Regional SA |
0.7 |
1.8 |
17.1 |
|
Regional Qld |
-0.8 |
-3 |
1.9 |
|
Regional Vic |
-0.7 |
-2.9 |
-1.3 |
|
Regional NSW |
-1.5 |
-4.5 |
-2.7 |
Source: CoreLogic
|
Suburb |
Median value |
Annual change (per cent) |
|
Ipswich Hinterland |
$542,978 |
14.10% |
|
Beaudesert |
$552,285 |
12.90% |
|
Jimboomba |
$839,074 |
11.60% |
|
Springfield – Redbank |
$572,102 |
9.60% |
|
Ipswich Inner |
$496,301 |
8% |
|
Beenleigh |
$547,473 |
7.90% |
|
Caboolture Hinterland |
$733,346 |
7.60% |
|
Caboolture |
$588,856 |
7.40% |
|
Browns Plains |
$582,464 |
5.80% |
|
Forest Lake – Oxley |
$571,835 |
5.60% |
Source: CoreLogic
Recent trends in housing values across the state
Currently, Queensland has three of the ten most searched places in the RAI’s Regional Movers Index: Yeppoon, Rockhampton, and Toowomba. This goes to show that the state is still a very much sought-after destination for interstate migration.
Most probable reason for this is because Queensland housing prices remain attractive to those from capital cities seeking to have a sunny refuge that won’t hurt their pockets in the long term.
The state is also renowned for its gorgeous climate, beaches, and proximity to city facilities and resort life. Great deals for investment properties can still be found here for a fraction of what one would pay in other places.
Factors that could affect housing prices in 2023
Late last year, the Queensland government finally scrapped the controversial land tax reform. This was great news and a win for investors since this means they get to enjoy the benefit of the tax-free threshold (amounting to $600,000 for individuals and $350,000 for companies).
The announcement that Queensland will host the 2032 Olympics is also already delivering a positive impact on the real estate market in the region.
A positive outlook for Gold Coast and Queensland
With billions of dollars being invested in infrastructure, there is set to be an increase in development and construction projects in the state. This could lead to increased demand for local services and amenities.
In turn, there will likely be an increase in job creation and greater economic growth, resulting in higher property values. This could attract more foreign investors, driving up prices further.
Improved access to public transport services may help those looking for affordable housing by making commuting easier and reducing travel costs.
Brisbane being the host city will experience immense growth in housing prices. The average buyer will be priced out of Brisbane suburbs, and might start setting their sights on other cities like the Gold Coast.
With house prices dropping in the 2nd half of 2022, this has made buying a first home more affordable than it was for the average buyer during the prior year. This along with the First home low deposit scheme, Stamp duty concessions and first home builders grants will bring them into the market much sooner.
This just might ramp up the median house price in Gold Coast. So for those tuned in to Gold Coast real estate news, keep your finger on the pulse!
Plan your real estate goals with the brokers at Professional Lending Solutions
If you plan on formally entering the Queensland real estate market in 2023, now is a good time to plan how best to tackle this promising venture. Property prices in the region are projected to rise steadily throughout the year, so it’s best to get started with your research early.
Contact Phil and the team at Professional Lending Solutions today and let us help you achieve your real estate goals this year and beyond.
Phil’s journey from banking to mortgage brokering reflects a career driven by a commitment to personalised service and tailored financial solutions. With a distinguished background in banking, including roles at NAB, ANZ and Lloyds TSB Bank in the UK, Phil spent 12 years developing expertise in personal and commercial finance, while also completing a Bachelor of Business (Finance), followed by an MBA majoring in International Business.