Adam Empringham,
Director of Sales at Image Property.
South-East QLD Property Market Update Q3 2023: The Sunshine State Boom And How to Capitalise On Your Investment
[lwptoc]Property Market Update for Quarter 3 in 2023: As we bid farewell to Winter and embrace springtime, let’s look at the developments that have shaped the southeast Queensland property market.
SEQ has been a focus of real estate activity, witnessing noteworthy trends and shifts in the rental and sales sectors. We’ve put together a comprehensive update on the South-East Queensland property market for Quarter 3, 2023.
Rental Market
Quarter 3 continued to witness the South-East Queensland rental market’s resilience, with several trends unfolding.
Rental properties remained in high demand throughout the quarter, driven by factors like population growth, economic stability, and evolving lifestyles. This sustained demand exerted upward pressure on rental prices, resulting in consistent growth across various property types.
Let’s delve into the latest median rent data for key areas
Brisbane
The median rent for combined houses and units in the Brisbane property market currently stands at $692.28 per week, reflecting a moderate increase of 1.5% compared to the previous quarter, indicating stable rental price growth.
Sunshine Coast
On the Sunshine Coast, the median rent for combined houses and units is $698.78 per week. This marks a slight decrease of 0.7% compared to the previous quarter, suggesting potential shifts in rental dynamics.
Gold Coast
The Gold Coast experienced a substantial 2.5% increase in median rent, now standing at $904.87 per week, showcasing remarkable growth in comparison to last quarter.
Tenant preferences continued to evolve in Quarter 3, 2023. With the adoption of remote work and flexible arrangements, properties equipped with dedicated home offices or workspaces remained highly sought after. Additionally, residences featuring outdoor spaces, such as balconies or gardens, saw increased demand as people sought to enhance their living environments.
Vacancy Rates
Rental vacancy rates remained relatively stable during the quarter, maintaining a balanced supply and demand equilibrium in the overall market.
Brisbane
The current vacancy rate in Brisbane is 1.8%, showing a slight increase of 0.02% since June 2023.
Sunshine Coast
In contrast, the Sunshine Coast witnessed a decrease in vacancy rates, dropping from 1.9% in June 2023 to 1.5% currently.
Gold Coast
The Gold Coast maintains a vacancy rate of 0.8%, consistent with the previous quarter.
Sales Market
The sales market in South-East Queensland enjoyed a vibrant Quarter 3, marked by favourable conditions and growing buyer confidence.
This quarter saw a surge in transaction volume, indicating a strong appetite for property ownership. This heightened activity contributed to steady price growth, although at a more sustainable pace compared to previous quarters, ensuring a balanced and healthier market.
Different suburbs in South-East Queensland experienced varying levels of growth and buyer interest. Coastal areas such as the Gold Coast and Sunshine Coast continued to attract buyers in search of beachside or waterfront properties. Additionally, suburbs with strong infrastructure, amenities, and transportation access remained popular among both homebuyers and investors.
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First-time homebuyers remained active in the market due to government incentives and steady interest rates, while investors also showed sustained interest, drawn by the potential for long-term capital growth and steady rental returns.
Let’s delve into the median asking prices over Quarter 3, 2023. According to SQM Research, the median asking prices for houses in Brisbane is $1,000,029, marking a 3.2% increase from the last quarter. The Sunshine Coast asking prices increased by 2.4% to $890,816, while on the Gold Coast, median combined prices decreased by 0.2% to $993,779.
Conclusion for Quarter 3 of 2023 for South East Queensland
In conclusion, Quarter 3 of 2023 highlighted the resilience and vitality of South-East Queensland’s property market. Both the rental and sales sectors experienced positive growth, with consistent demand, healthy price appreciation, and evolving buyer preferences. South-East Queensland remains an attractive destination for those seeking a vibrant lifestyle, a strong economy, and enduring property investment opportunities. However, as with any market, thorough research and professional advice are crucial for making informed decisions in this ever-evolving landscape.
At Image Property, we have an in-depth understanding of the South-East Queensland property market. Our dedicated sales and property management teams are committed to helping you achieve your property goals, whether you’re looking to sell, buy, or rent out your property.
Want to read our previous market update? Click here.
Source: SQM Research
