Adam Empringham,
Director of Sales at Image Property.
South-East Qld Property Market Update Q4 2023: Property Trends In Brisbane, Sunshine Coast, And Gold Coast
[lwptoc]Let’s explore the exciting real estate developments in the property markets of Brisbane, Sunshine Coast, and the Gold Coast during the last quarter of 2023.
This update provides a snapshot of rental and sales trends, offering a clear view of the dynamic real estate landscape in these vibrant Southeast Queensland regions.
Rental Market
Brisbane:
According to the RTA, median rents in Brisbane during Q4 were averaging at $747.50 per week, showing a growth of 8.33% from the previous quarter (average is based on a 3-bedroom house in Brisbane).
With the vacancy rate sitting at 1.2%, a further drop from the previous quarter, indicating a strong demand in the market, according to SQM research.
Sunshine Coast:
The median rent on the Sunshine Coast stands at $635 per week, reflecting a 4.09% increase from the previous quarter. This has resulted in a slight change in the vacancy rate, changing from 0.8% in October 2023 to 0.7%.
Gold Coast:
The Gold Coast has observed a period of stagnation, as median rents remain steady at $500 per week, showing no alteration from the previous quarter. Simultaneously, there has been no shift in vacancy rates, maintaining a consistent 1.1%.
Sales Market
According to SQM Research, the sales market in Q4 2023 exhibited growth across Brisbane, Sunshine Coast, and Gold Coast.
Brisbane:
Median asking prices for houses and units in Brisbane rose to $850,695, marking a solid 4.47% increase. The city continues to attract buyers and sellers, offering promising opportunities in the real estate market.
Sunshine Coast:
On the Sunshine Coast, the median asking prices increased by 3.2% to $862,056, signalling a competitive and thriving sales market. Whether buying or selling, the region presents opportunities for property enthusiasts.
Gold Coast:
The Gold Coast witnessed a 0.4% increase in median combined prices, reaching $887,198. The market remains resilient, providing opportunities for both sellers and buyers.
The fourth quarter of 2023 showcased a stable and growing property market in Southeast Queensland. Brisbane, Sunshine Coast, and Gold Coast offer exciting prospects for renters, buyers, and sellers.
As the real estate landscape evolves, Image Property is here to guide you with expert insights and property management services. Our devoted sales and property management teams are here to assist you in any of your property needs, whether it’s selling, buying, or renting out your property.
Connect with us today to discover how we can support you in attaining the optimal outcome for your property.
Keen to explore our market insights for 2024? Click here.
