Regional Queensland leads the nation in home value surge
Townsville’s real estate landscape continues its upward trajectory, reflecting a robust market that’s outpacing national trends.
According to the latest PropTrack Home Price Index, the median dwelling value in Townsville surged by 2.39% to $403,000 in the last quarter, marking a remarkable 7.13% increase year-on-year.
Regional Resilience and Growth
Beyond Townsville, regional Queensland stands out as a real estate powerhouse, with median home prices reaching $632,000, showcasing a notable 7.36% rise compared to the previous year.
These numbers catapult regional Queensland as the strongest-performing market in the country since the onset of the pandemic, soaring an impressive 59% above pre-pandemic levels.
Diverse Trends in Property Types
While the median house price in regional Queensland surged to $652,000, demonstrating a 6.96% increase year-on-year, the unit market experienced a slight dip of 0.07% to $597,000 in November, albeit remaining 8.87% higher than the previous year.
National Context
This regional surge is part of a wider national trend.
Nationally, home prices escalated by 0.22% in November, reaching a pinnacle of $761,000.
This represents a 5.53% increase for the year and 1.29% above the previous peak recorded in March 2022.
Factors Driving the Market
Factors like strong housing demand, record net migration, low unemployment, and home equity gains have buoyed the market, offsetting the impact of higher interest rates this year.
However, challenges such as construction cost hikes and shortages in labour and materials have slowed new housing delivery, impacting supply.
Future Projections
Looking ahead, while the real estate market is anticipated to continue its upward trajectory in 2024, the pace is expected to moderate.
The positive tailwinds propelling housing demand, coupled with a slowdown in new home completions, will offset affordability challenges and economic deceleration.
