Adam Empringham,
Director of Sales at Image Property.
South-East Queensland Property Market Update: Q1 2024
[lwptoc]As we close the chapter on the first quarter of 2024, it’s time to reflect on the dynamics shaping the property market in Southeast Queensland. From bustling cities to serene coastal towns, the region has seen remarkable developments in both the rental and sales sectors, driven by many factors influencing demand and supply.
Rental Market
The rental market in Southeast Queensland has remained strong, with a persistent high demand for properties amidst a low stock supply. According to SQM Research, as of March 2024, vacancy rates for Brisbane and the Sunshine Coast are sitting at 1.0%, while the Gold Coast is sitting slightly higher at 1.2%.
Concluding one of the busiest periods of the year, it’s clear that the rental market’s trajectory will continue its upward trend. The combination of lifestyle appeal, economic opportunities, and a favourable climate has contributed to sustained demand for rental properties across various housing types.
Sales Market
Brisbane, in particular, has sustained a run of solid growth. According to Corelogic, property values have risen by 1.1% in March, resulting in a 3% increase over the past three months. This growth has translated to approximately $25,000 added to the median house value and $23,000 to the median unit value in Q1.
Despite facing headwinds such as interest rate hikes and cost of living pressures since mid-last year, an undersupply of housing relative to demand continues to exert upwards pressure on home values. This imbalance between supply and demand underscores the resilience of the property market in Southeast Queensland, despite general challenges.
The first quarter of 2024 has been a period of significant activity and transformation in the Southeast Queensland property market. With ongoing infrastructure developments, major events, and a growing population, the region is poised for continued growth and investment opportunities in the real estate market.
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